Use future value and present value calculations (see tables in the appendix for Chapter 1) to determine the following: (Obj. 4)

a. The future value of a $500 savings deposit after eight years at an annual interest rate of 7 percent.

b. The future value of saving $1,500 a year for five years at an annual interest rate of 8 percent.

c. The present value of a $2,000 savings account that will earn 6 percent interest for four years.