All interest rates, discount rates, and IRR are annual both in questions and in answers. If interest is compounded monthly, divide interest rate by 12 to find the monthly rate; multiply monthly IRR by 12 to give an answer. Similarly, divide by 4 for quarterly, and by 2 for semi-annually compounding interest.

1. What is the future value of $400 saved at i= 40%, compounded annually, in 1 year?

2. What is the future value of $400 saved at i= 40%, compounded annually, in 2 years?

3. What is the future value of $400 saved at i= 40%, compounded semi-annually, in 2 years?

4. What is the future value of $400 saved at i= 40%, compounded quarterly, in 2 years?