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?