What is the future value in 11 years of $1,000 invested in an account with an APR

Question:

What is the future value in 11 years of $1,000 invested in an account with an APR of 8.9 percent:

a. Compounded annually?

b. Compounded semiannually?

c. Compounded monthly?

d. Compounded continuously?

e. Why does the future value increase as the compounding period shortens?

Compounding
Compounding is the process in which an asset's earnings, from either capital gains or interest, are reinvested to generate additional earnings over time. This growth, calculated using exponential functions, occurs because the investment will... Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...

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