Future value for various compounding periods

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Future value for various compounding periods

Find the amount to which $700 will grow under each of these conditions:

7% compounded annually for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$  

7% compounded semiannually for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$  

7% compounded quarterly for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$  

7% compounded monthly for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$  

7% compounded daily for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

$  

Why does the observed pattern of FVs occur?

Reference no: EM131571067

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