On January 1, Beth Woods made a single deposit of $ 8,000 in an investment account that earns 8 percent interest.
Required:
Round answers to two decimal places.
1. Calculate the balance in the account in five years assuming the interest is compounded annually.
2. Determine how much interest will be earned on the account in seven years if interest is compounded annually.
3. Calculate the balance in the account in five years assuming the 8 percent interest is com-pounded quarterly.