Problem 5-23 Future value for various compounding periods Find the amount to which $300 will grow under each of these conditions: 6% compounded annually for 5 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 6% compounded semiannually for 5 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 6% compounded quarterly for 5 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 6% compounded monthly for 5 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 6% compounded daily for 5 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ Why does the observed pattern of FVs occur?