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Find the amount to which $500 will grow under each of these conditions: 12% compounded annually for...

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Finance

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

  1. 12% compounded annually for 9 years. Do not round intermediatecalculations. Round your answer to the nearest cent.

    $  

  2. 12% compounded semiannually for 9 years. Do not roundintermediate calculations. Round your answer to the nearestcent.

    $  

  3. 12% compounded quarterly for 9 years. Do not round intermediatecalculations. Round your answer to the nearest cent.

    $  

  4. 12% compounded monthly for 9 years. Do not round intermediatecalculations. Round your answer to the nearest cent.

    $  

  5. 12% compounded daily for 9 years. Assume 365-days in a year. Donot round intermediate calculations. Round your answer to thenearest cent.

    $  

  6. Why does the observed pattern of FVs occur?

Answer & Explanation Solved by verified expert
3.9 Ratings (702 Votes)
Future value Amount1 ratetime a Amount 500 time 9 years rate 12 or 012 Future value 50010129 500277308 138654 b Amount 500 time 9 years2 half years per    See Answer
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