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

1. 12% compounded annually for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

2. 12% compounded semiannually for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

3. 12% compounded quarterly for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

4. 12% compounded monthly for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

5. 12% compounded daily for 9 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?