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eBook Problem Walk-ThroughFind the amount to which $600 will grow under each of theseconditions:4% compounded annually for 5 years. Do not round intermediatecalculations. Round your answer to the nearest cent.$ 4% compounded semiannually for 5 years. Do not roundintermediate calculations. Round your answer to the nearestcent.$ 4% compounded quarterly for 5 years. Do not round intermediatecalculations. Round your answer to the nearest cent.$ 4% compounded monthly for 5 years. Do not round intermediatecalculations. Round your answer to the nearest cent.$ 4% compounded daily for 5 years. Assume 365-days in a year. Donot round intermediate calculations. Round your answer to thenearest cent.$ Why does the observed pattern of FVs occur?