focus on personal finance

4. Ben Collins plans to buy a house for $220.000. If the real estate in his area is expected to increase in value 2 percent each year, what will its approximate value be 5. What would be the yearly earnings for a person with $8,000 in savings at an annual seven years from now? (LO1.2) interest rate of 1.5 percent? (LO1.3) 6. Using a financial calculator, Excel, or the time value of money tables in the chapter appendix, calculate the following: (L01.3) The future value of $550 six years from now at 7 percent. b. The future value of $700 saved each year for 10 years at 8 percent. The amount a person would have to deposit today (present value) at a 5 percen interest rate to have $1,000 five years from now. The amount a person would have to deposit today to be able to take out $500 year for 10 years from an account earning 8 percent. 0 000 for a down payment for a house in five years, wh- ur money will earn d