Find the amount to which $700 will grow under each of these conditions 14 compounded annually for 7 years Do not round intermediate calculations Round your answer to the nearest cent $ 14 compounded semiannually for 7 years Do not round intermediate calculations Round your answer to the nearest cent $ 14 compounded quarterly for 7 years Do not round intermediate calculations Round your answer to the nearest cent $ 14 compounded monthly for 7 years Do not round intermediate calculations Round your answer to the nearest cent $ 14 compounded daily for 7 years Assume 365 days in a year Do not round intermediate calculations Round your answer to the nearest cent $ Why does the observed pattern of FVs occur 1 The future values increase because as compounding periods per year increase, interest is earned on interest less frequently 2 The future values decrease because as compounding periods per year increase, interest is earned on interest more frequently 3 The future values increase because as compounding periods per year increase, interest is earned on interest more frequently 4 The future values increase because as compounding periods per year decrease, interest is earned on interest more frequently 5 The future values decrease because as compounding periods per year decrease, interest is earned on interest more frequently

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Question: Find the amount to which $700 will grow under each of these conditions: 14% compounded annually for 7 years. Do not round intermediate calculations. Round

Find the amount to which $700 will grow under each of these conditions:

14% compounded annually for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$
14% compounded semiannually for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$
14% compounded quarterly for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$
14% compounded monthly for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$
14% compounded daily for 7 years. Assume 365-days in a year. Do not round intermediate calculations. Round your answer to the nearest cent.

$
Why does the observed pattern of FVs occur? 1-The future values increase because as compounding periods per year increase, interest is earned on interest less frequently. 2-The future values decrease because as compounding periods per year increase, interest is earned on interest more frequently. 3-The future values increase because as compounding periods per year increase, interest is earned on interest more frequently. 4-The future values increase because as compounding periods per year decrease, interest is earned on interest more frequently. 5- The future values decrease because as compounding periods per year decrease, interest is earned on interest more frequently.

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