Find the amount to which $700 will grow under each of these conditions:

1. 12% compounded annually for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

2. 12% compounded semiannually for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

3. 12% compounded quarterly for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

4. 12% compounded monthly for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

5. 12% compounded daily for 10 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?