Periods 1% 2% 3% 4% 5% 6% 7% 1 1.0100 1.0200 1.0300 1.0400 1.0500 1.0600 1.0700 2 1.0201 1.0404 1.0609 1.0816 1.1025 1.1236 1.1449 3 1.0303 1.0612 1.0927 1.1249 1.1576 1.1910 1.2250 4 1.0406 1.0824 1.1255 1.1699 1.2155 1.2625 1.3108 5 1.0510 1.1041 1.1593 1.2167 1.2763 1.3382 1.4026 6 1.0615 1.1262 1.1941 1.2653 1.3401 1.4185 1.5007 Use the Future Value Table to calculate the Future Value. The formula for future value = FV=PV(1 + i) Example: The future value of $1 at 5% interest after 4 years is $1.46. This is calculated as follows: $1.46=$1.00(1 + 0.05) = $1.00(1.216) =$1.22 Question: You worked as a lifeguard this summer and earned an extra $3,000. You decided to deposit that amount into your savings account. This savings account will earn 2.0% interest annually and no other deposits will be made. What is the future value after 5 years?