Consider a dollar amount of $1,000 today, along with a nominal interest rate of 15.00%. You are interested in calculating the future value of this amount after 4 years.

For all future value calculations, enter $1,000 (with the negative sign) for PV and 0 for PMT.

1.The future value of $1,000, compounded annually for 4 at the given nominal interest rate, is approximately _________________________ .

2.Using your financial calculator, the future value of $1,000, compounded semi-annually for 4 at the given nominal interest rate, is approximately ___________________ .

3.Using your financial calculator, the future value of $1,000, compounded quarterly for 4 at the given nominal interest rate, is approximately ________________ .

4.Using your financial calculator, the future value of $1,000, compounded monthly for 4 at the given nominal interest rate, is approximately _________________.

Hint: Assume that there are 365 days in a year.

5. Using your financial calculator, the future value of $1,000, compounded daily for 4 at the given nominal interest rate, is approximately ___________________ .