FUTURE VALUE FOR VARIOUS COMPOUNDING PERIODS Find the amount to which $400 will grow under each of these conditions: a. 11% compounded annually for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ b. 11% compounded semiannually for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ c. 11\% compounded quarterly for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ d. 11% compounded monthly for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ e. 11\% compounded daily for 7 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ f. Why does the observed pattern of FVs occur? The future values increase because as compounding periods per year increase, interest is earned on interest less frequently. (3)