Question: Please explain how to solve the following: Future Value for Various Compounding Periods Find the amount to which $525 will grow under each of the

Please explain how to solve the following:

Future Value for Various Compounding Periods

Find the amount to which $525 will grow under each of the following conditions. Do not round intermediate calculations. Round your answers to the nearest cent.

6% compounded annually for 5 years.

Answer: $

2 . 6% compounded semiannually for 5 years.

Answer: $

3. 6% compounded quarterly for 5 years.

Answer: $

4. 6% compounded monthly for 5 years.

Answer: $

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