Question: Problem 5-23 Future value for various compounding periods Find the amount to which $200 will grow under each of these conditions: 4% compounded annually for

Problem 5-23 Future value for various compounding periods

Find the amount to which $200 will grow under each of these conditions:

4% compounded annually for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent. ____________$

4% compounded semiannually for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent. _________$

4% compounded quarterly for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent. __________$

4% compounded monthly for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent. _________$

4% compounded daily for 9 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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