Step $3$: Practice: Future Value for Various Compounding Periods

Now it's time for you to practice what you've learned.

Consider a dollar amount of $$1,000$ today, along with a nominal interest rate of $12\mathrm{.}00\%.$ You are interested in calculating the future value of this amount after $4$ years.

For all future value calculations, enter $-$$$1,000($with the negative sign$)$ for PV and $0$ for PMT$.$

The future value of $$1,000,$ compounded annually for $4$ at the given nominal interest rate, is approximately

Using your financial calculator, the future value of $$1,000,$ compounded semi$-$annually for $4$ at the given nominal interest rate, is approximately Using your financial calculator, the future value of $$1,000,$ compounded quarterly for $4$ at the given nominal interest rate, is approximately Using your financial calculator, the future value of $$1,000,$ compounded monthly for $4$ at the given nominal interest rate, is approximately Hint: Assume that there are $365$ days in a year.

Using your financial calculator, the future value of $$1,000,$ compounded daily for $4$ at the given nominal interest rate, is approximately