6. Using a financial calculator, Excel, or the time value of money tables in the chapter appendix, calculate the following: (LO1.3)

a. The future value of $550 six years from now at 7 percent.

b. The future value of $700 saved each year for 10 years at 8 percent.

c. The amount a person would have to deposit today (present value) at a 5 percent interest rate to have

$1,000 five years from now.

d. The amount a person would have to deposit today to be able to take out $500 a year for 10 years from an account earning 8 percent.