Question: Problem 5-23 Future value for various compounding periods Find the amount to which $500 will grow under each of these conditions: 12% compounded annually for

Problem 5-23 Future value for various compounding periods

Find the amount to which $500 will grow under each of these conditions:

12% compounded annually for 5 years. Round your answer to the nearest cent. $??

12% compounded semiannually for 5 years. Round your answer to the nearest cent. $??

12% compounded quarterly for 5 years. Round your answer to the nearest cent. $??

12% compounded monthly for 5 years. Round your answer to the nearest cent. $??

12% compounded daily for 5 years. Round your answer to the nearest cent. $??

Why does the observed pattern of FVs occur?

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