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

1. 14% compounded annually for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

2. 14% compounded semiannually for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

3. 14% compounded quarterly for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

4. 14% compounded monthly for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent.

   $

5. 14% compounded daily for 7 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? 1-The future values increase because as compounding periods per year increase, interest is earned on interest less frequently. 2-The future values decrease because as compounding periods per year increase, interest is earned on interest more frequently. 3-The future values increase because as compounding periods per year increase, interest is earned on interest more frequently. 4-The future values increase because as compounding periods per year decrease, interest is earned on interest more frequently. 5- The future values decrease because as compounding periods per year decrease, interest is earned on interest more frequently.