For all questions in this set, interest compounds annually and there are no transaction fees, defaults, etc.

1. On your seventieth birthday, you learn that your grandma, bless her soul, deposited $50.00 for you on the day of your birth in a savings account bearing 5 percent interest. How much is in the account?
2. You won $1 million in the lottery but unfortunately the money is payable in a year and you want to start spending it right away. If interest is at 8 percent, how much can you receive today in exchange for that $1 million in year?
3. You've won a scholarship for your senior year worth $1,500, but it is payable only after graduation, a year hence. If interest is at 15percent, how much is your scholarship worth today?