Present Value and Future Value The following situations involve time value of money calculations: Use the appropriate present or future value table: FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1 1. A deposit of $7,000 is made on January 1, 2016. The deposit will earn interest at a rate of 8%. How much will be accumulated on January 1, 2021, assuming that interest is compounded (a) annually, (b) semiannually, and (c) quarterly? Round your answers to the nearest dollar. Future Value a. Annual compounding $ b. Semiannual compounding $ C. Quarterly compounding $ 2. A deposit is made on January 1, 2016, to earn interest at an annual rate of 8%. The deposit will accumulate to $15,000 by January 1, 2021. How much money was originally deposited assuming that interest is compounded (a) annually, (b) semiannually, and (c) quarterly? Round your answers to the nearest dollar. Present Value a. Annual compounding $ b. Semiannual compounding c. Quarterly compounding $