Problem 5-23 Future value for various compounding periods

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

12% compounded annually for 5 years. Round your answer to the nearest cent. $??

12% compounded semiannually for 5 years. Round your answer to the nearest cent. $??

12% compounded quarterly for 5 years. Round your answer to the nearest cent. $??

12% compounded monthly for 5 years. Round your answer to the nearest cent. $??

12% compounded daily for 5 years. Round your answer to the nearest cent. $??

Why does the observed pattern of FVs occur?