Let us say that you put $6,000 in a savings account that pays interest at the rate of 4 percent, compounded annually, how much will you have in 5 years? (Hint: Use the future value formula.) How much interest will you earn during the 5 years? If you put $6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after 5 years? Share and compare your answers. Discuss other ways you can use the concept of time value of money in your personal and professional life.