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1. Your generous grandmother has just announced that she's opened a savings account for you with a deposit of $10,000. Moreover, she intends to make
1. Your generous grandmother has just announced that she's opened a savings account for you with a deposit of $10,000. Moreover, she intends to make nine more similar gifts, at the end of this year, next year, etc. If the savings account pays 8% interest, how much will you have accumulated at the end of 10 years (1 year after the last gift)? (Hint: find the future value of an annuity. Use the Table titled "Future value of an ordinary annuity"). 2. You deposit $1,000 today in a savings account which pays 5 percent interest twice a year. a. How much money will you have at the end of five years? b. What is the interest amount at the end five years
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