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?