Question
On January 1, 2013, you deposited $8,000 in a savings account. The account will earn 8 percent annual compound interest, which will be added to
On January 1, 2013, you deposited $8,000 in a savings account. The account will earn 8 percent annual compound interest, which will be added to the fund balance at the end of each year. Required: 1. What will be the balance in the savings account at the end of 10 years? (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to 2 decimal places.)
Balance in Savings account __________
What is the total interest for the 10 years? (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.)
Total Interest _____________
How much interest revenue did the fund earn in 2013 and in 2014? (Round your answer to 2 decimal places.)
2013 Interest Revenue _________
2014 Interest Revenue _________
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