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1) What would be the value of a savings account started with $1040 , earning 7 percent (compounded annually) after 5 years? 2) Brenda Young

1) What would be the value of a savings account started with $1040 , earning 7 percent (compounded annually) after 5 years?

2) Brenda Young desires to have $30750 saved after 6 years from now for her kid's college fund. If she will earn 5 percent (compounded annually) on her money, what amount should she deposit now?

I would greatly appreciate help with both questions.

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