Calculating Future Values For each of the following, compute the future value: Present Value Years Interest Rate Future Value $ 2,960 7 13% 7,846 16 7 85,381 19 221,614 26 9 5 Calculating Present Values For each of the following, compute the present value: Present Value Years Interest Rate Future Value 15 7% $ 19,415 8 13 25 629,381 Calculating Interest Rates Solve for the unknown interest rate in each of 103 11 47,382 312,176 the following: Present Value Years Interest Rate Future Value $ 715 905 15,000 70,300 2205 9 $ 1,381 12 26 1,718 141,832 15 312,815 Simple Interest versus Compound Interest First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City Bank pays 7 percent interest compounded annually. If you made a deposit of $7,900 in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years?