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On January 1, 2021, you deposited $5,000 in a savings account. The account will earn 10 percent annual compound interest, which will be added to
On January 1, 2021, you deposited $5,000 in a savings account. The account will earn 10 percent annual compound interest, which will be added to the fund balance at the end of each year.
1. What will be the balance in the savings account at the end of 7 years? (Future Value of $1,Present Value of $1, Future Value Annuity. of $1, Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. 2. What is the total interest for the 7 years? (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1 1.) Note: Use appropriate factor(s) from the tables provided. 3. How much interest revenue did the fund earn in 2021 and in 2022 ? What will be the balance in the savings account at the end of 7 years? Note: Round your final answer to 2 decimal places. What is the total interest for the 7 years? Note: Round your intermediate and final answer to 2 decimal places. How much interest revenue did the fund earn in 2021 and in 2022? Note: Round your final answers to 2 decimal placesStep by Step Solution
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