Answer Happy

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 15.00 %. 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