If you put $7,000 in a savings account that pays interest at the rate of 7 percent, compounded annually,

1. How much will you have in 4 years? Round the answer to the nearest cent. Round FV-factor to three decimal places or use the Appendix A. (Hint: Use the future value formula.)

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2. How much interest will you earn during the 4 years? Round the answer to the nearest cent.

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3. If you put $7,000 each year into a savings account that pays interest at the rate of 7 percent a year, how much would you have after 4 years? Use the Appendix B. Round the answer to the nearest cent. Round FV-factor to three decimal places.

   $