Find the amount to which $400 will grow under each of these conditions:

1. 8% compounded annually for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

2. 8% compounded semiannually for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

3. 8% compounded quarterly for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

4. 8% compounded monthly for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

5. 8% compounded daily for 8 years. Assume 365-days in a year. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

6. Why does the observed pattern of FVs occur?