5-23 FUTURE VALUE FOR VARIOUS COMPOUNDING PERIODS Find the amount to which $500will grow under...
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5-23 FUTURE VALUE FOR VARIOUS COMPOUNDING PERIODS Find the amount to which $500will grow under each of these conditions:
a. 12% compounded annually for 5 years
b. 12% compounded semiannually for 5 years
c. 12% compounded quarterly for 5 years
d. 12% compounded monthly for 5 years
e. 12% compounded daily for 5 years
f. Why does the observed pattern of FVs occur?
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