4. Looking forward - Future value Compounding Interest You know that paying yourself by depositing money in a savings account is a prudent start to your retirement that in your other obligations, you can save $6,875.00 per year via an annual, single year-end deposit. You are 40 years old now, so your money will grow for the next 25 years until you turn 65 . You will open a savings account at the US Bank branch near your home. Its savings accounts are paying 6% interest. The following table shows the future value factors for various periods and interest rates: What will be the value of this money in 25 years? (Note: Round to two decimal places.) You began saving at age 40. If you had started five years earlier, so that your funds would grow for worth, assuming the same interest rate and annual savings amount? (Note: Round to two decimal places.) Suppose that a new bank in town offers 8% interest. How much would your yearly deposits be worth if you open a savings account there, assuming that your funds are invested for 25 years and all other factors remain the same? Complete the following table by entering relevant values. Then use either the table of future value final What will be the value of this money in 25 years? (Note: Round to two decimal places.) higher interest rate, the annual savings amount remains the same, and the funds are invested for places.)