Determine the amount of money in a savings account at the end of 3 years, given an initial deposit of $8,500 and a 12 percent annual interest rate when interest is compounded: Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Future Value a. Annually b. Semiannually c. Quarterly Appendix A Future value of $1, FVF FV = PV[1 + 1)" Percent 6% Period 1% 2% 3% 4% 5% 7% 8% 9% 10% 1 1.010 1.030 1.050 NM in 4 6 1.020 1.030 1.041 1.051 1.062 1.072 1.083 1.094 1.105 1.116 1.127 7 1.080 1.166 1.260 1.360 1.469 1.587 1.714 1.851 1.999 2.159 2.332 2.518 1.090 1.188 1.295 1.412 1.539 1.677 1.828 1.993 2.172 2.367 2.580 2.813 8 9 10 11 1.040 1.082 1.125 1.170 1.217 1.265 1.316 1.369 1.423 1.480 1.539 1.601 1.665 1.732 1.801 1.873 1.948 2.026 2.107 2.191 2.666 3.243 1.020 1.040 1.061 1.082 1.104 1.126 1.149 1.172 1.195 1.219 1.243 1.268 1.294 1.319 1.346 1.373 1.400 1.428 1.457 1.486 1.641 1.811 2.208 2.692 1.060 1.124 1.191 1.262 1.338 1.419 1.504 1.594 1.689 1.791 1.898 2.012 2.133 2.261 2.397 2.540 2.693 2.854 3.026 3.207 4.292 5.743 1.061 1.093 1.126 1.159 1.194 1.230 1.267 1.305 1.344 1.384 1.426 1.469 1.513 1.558 1.605 1.653 1.702 1.754 1.806 2.094 2.427 3.262 4.384 1.103 1.158 1.216 1.276 1.340 1.407 1.477 1.551 1.629 1.710 1.796 1.886 1.980 2.079 2.183 2.292 2.407 2.527 2.653 3.386 4.322 7.040 11.467 12 13 14 15 16 17 18 1.070 1.145 1.225 1.311 1.403 1.501 1.606 1.718 1.838 1.967 2.105 2.252 2.410 2.579 2.759 2.952 3.159 3.380 3.617 3.870 5.427 7.612 14.974 29.457 1.138 1.100 1.210 1.331 1.464 1.611 1.772 1.949 2.144 2.358 2.594 2.853 3.138 3.452 3.797 4.177 4.595 5.054 5.560 6.116 6.727 10.835 17.449 45.259 117.39 11% 1.110 1.232 1.368 1.518 1.685 1.870 2.076 2.305 2.558 2.839 3.152 3.498 3.883 4.310 4.785 5.311 5.895 6.544 7.263 8.062 13.585 22.892 65.001 184.57 3.066 3.342 1.149 3.642 1.161 1.173 1.184 2.720 2.937 3.172 3.426 3.700 3.996 4.316 4.661 6.848 10.063 21.725 46.902 19 1.196 1.208 1.220 1.282 1.348 1.489 1.645 20 25 3.970 4.328 4.717 5.142 5.604 8.623 13.268 31.409 74.358 30 40 50 4.801 7.107 10.286 18.420 Appendix A (concluded) Future value of $1 Percent Period 12% 13% 14% 15% 16% 18% 19% 20% 25% 1.200 1 2 1.180 1.392 1.643 1.190 1.416 1.685 1.250 1.563 1.953 30% 1.300 1.690 2.197 1.130 1.277 1.443 1.630 1.842 2.082 2.353 2.658 3.004 3.395 3.836 4.335 1.140 1.300 1.482 1.689 1.925 2.195 2.502 2.853 3.252 3.707 4.226 4.818 2.005 2.386 2.840 3.379 2.441 3.052 3.815 4.768 1.150 1.323 1.521 1.749 2.011 2.313 2.660 3.059 3.518 4.046 4.652 5.350 6.153 7.076 8.137 9.358 10.761 1.160 1.346 1.561 1.811 2.100 2.436 2.826 3.278 3.803 4.411 5.117 5.936 6.886 7.988 9.266 10.748 12.468 1.120 1.254 1.405 1.574 1.762 1.974 2.211 2.476 2.773 3.106 3.479 3.896 4.363 4.887 5.474 6.130 6.866 7.690 8.613 9.646 17.000 29.960 93.051 289.00 2.856 3.713 4.827 6.276 8.157 10.604 13.786 17.922 23.298 10 17% 1.170 1.369 1.602 1.874 2.192 2.565 3.001 3.511 4.108 4.807 5.624 6.580 7.699 9.007 10.539 12.330 14.426 16.879 19.748 23.106 50.658 111.07 533.87 11 1.440 1.728 2.074 2.488 2.986 3.583 4.300 5.160 6.192 7.430 8.916 10.699 12.839 15.407 18.488 22.186 12 13 14 4.898 5.535 6.254 1.939 2.288 2.700 3.185 3.759 4.435 5.234 6.176 7.288 8.599 10.147 11.974 14.129 16.672 19.673 23.214 27.393 62.669 143.37 750.38 3.927.4 5.492 6.261 7.138 8.137 9.276 15 16 4.021 4.785 5.696 6.777 8.064 9.596 11.420 13.590 16.172 19.244 22.091 27.252 32.429 77.388 184.68 1,051.7 5,988.9 5.960 7.451 9.313 11.642 14.552 18.190 22.737 28.422 35.527 44.409 55.511 69.389 86.736 264.70 807.79 7,523.2 70,065.0 17 18 7.067 7.986 9.024 10.197 11.523 21.231 39.116 132.78 450.74 19 20 25 30 40 50 10.575 12.056 13.743 26.462 50.950 188.88 700.23 12.375 14.232 16.367 32.919 66.212 267.86 1,083.7 30.288 39.374 51.186 66.542 86.504 112.46 146.19 190.05 705.64 2.620.0 36,119.0 497.929.0 14.463 16.777 19.461 40.874 85.850 378.72 1,670.7 26.623 31.948 38.338 95.396 237.38 1,469.8 9, 100.4 2,566.2
