1. If you deposit money today in an account that pays 12.5% annual interest, how long will it take to double your money? Round your answer to two decimal places.

2. How long will it take $600 to double if it earns the following rates? Compounding occurs once a year. Round each answer to two decimal places.

1. 3%.
2. 15%.
3. 20%.
4. 100%.

3.Find the amount to which $500 will grow under each of these conditions:

1. 15% compounded annually for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent.
2. 15% compounded semiannually for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent.
3. 15% compounded quarterly for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent.
4. 15% compounded monthly for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent.
5. 15% compounded daily for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent.$
6. Why does the observed pattern of FVs occur?