Exercise C-2 (Algo) Calculate the future value of a single amount (LO C-2) You want to save for retirement. Assuming you are now 20 years old and you want to retire at age 60, you have 40 years to watch your investment grow. You decide to invest in the stock market, which has earned about 11% per year over the past 80 years and is expected to continue at this rate. You decide to invest $2,000 today. Required: How much do you expect to have in 40 years? (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use tables, Excel, or a financial calculator. Round your answer to 2 decimal places.) Future value Exercise C-4 (Algo) Calculate the future value of a single amount (LO C-2) You are saving for a new boat. You place $55,000 in an investment account today that earns 7% compounded annually. How much will be in the account after (a) three years, (b) four years, or (c) five years? (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.) Investment Interest Amount Compounding Rate Period Invested Future Value a. $ 55,000 7% Annually 3 years b. 55,000 7% Annually 4 years C. 55,000 7% Annually 5 years