mom gives you $8,000 today. You want to put it away and use it as a down payment on a new car in 3 years. You put it in a mutual fund investment with an online discount broker, earning 6% per year.

1. What will you have at the end of 3 years? 2. What is the total interest in $ earned on this investment over the 3 years? Show work. 3. If the investment account compounds interest quarterly, what will you have at the end of 3 years?