Question: FUTURE VALUE FOR VARIOUS COMPOUNDING PERIODS Find the amount to which $800 will grow under each of these conditions: 8% compounded annually for 8 years.

FUTURE VALUE FOR VARIOUS COMPOUNDING PERIODS

Find the amount to which $800 will grow under each of these conditions:

8% compounded annually for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $

8% compounded semiannually for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $

8% compounded quarterly for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $

8% compounded monthly for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $

8% compounded daily for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $

Why does the observed pattern of FVs occur?

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