Compounding Interest You know that paning vourself by depositing money in a savings account is a prudent start to your retirement plan. You determined that, based on Wour other oblipations, you can save $6,875.00 per year via an annual, single yeacend deposit, You are 40 years old now, so your moner will grow for the neet 25 ytars until you turn 6S. You will open a savings account at the US Bank branch near your home, Its savings accounts are paying 6%. intent: The following table shows the future value factors for various periods and interest rates: Complite the fodioming table by entering reloviant values. Then use the table of future value factors to calculate the value of this nest ega. What wit bet the walue of this money in 25 years? (Noter Round to two deomal places.) What wil be the walue of this money in 25 years? (Note Round to two doomal places.) Complete the following table by entering relevank wolves. Then use the table of future value factors to calculate the value of this nest ega. What wil be the value of this money in 25 years? (Note: Round to two decimal places.) You begm saving at age 40. If you had started five years earliec, so that your funds would grow for years, what would your nest egg be 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 reman the same? Conpletr thi folowing table by entering relevant values. Then use ether the table of future value factors, the future value formula, or your financial What wi be the value of this money in 25 years? (Note: Round to two decimal places.) Agair, if you hed started your savings program five years earlier, what would your nest eag be worth, assuming that your funds were invested at this byer interest rote, the annual savings amount remains the same, and the funds are invested for piocent) years? (Note: Round to two decimal