1. If we place $7,654 in a savings account paying 7.5 percent interest compounded annually, how much will our account accrue to in 8.5 years?

PLEASE SHOW ME EXACTLY HOW TO DO THE PROBLEM!!!! I INSERTED A PICTURE FOR AN EXAMPLE!

Future Value after 9 years is calculated using EXCEL FUNCTION FV(rate, nper,pmt, pv,type) where rate-1.5%; nper-9; pmt-o; pe-3520000; type=0; Here, value for pv is negative as it denotes cash inflows; type as interest is compounded at the end of each period only. C D E F G H I J K 1.5% $0 1 Periodic growth rate, RATE 2 of periods to maturity, NPER 3 Priodic deposits, PMT 4 Lumsum deposit today, PV 5 Interest compounding type, TYPE 6 Future Value after 9 years $3,520,000 O O if compounded at the end of each year; 1 if compounded at the beginning of each year -FV(B1,B2,B3, B4,B5) (Ref: NOTE]