Present Value: PV = FV / (1+r)^t Future Value: FV = PV(1+r)^t Using the Present and Future Value formulas above, calculate the following 1) What is the Future Value (FV) of $300 if invested at annual rate of 7% for 5 years? 2) What is the Present Value (PV) of receiving $10,000 in 8 years if the annual interest rate is 4%? 3) You want to buy a car in four years and need $6,000 as a down payment. If you can earn 5% annually in a savings account, how much do you have to put in the savings account today? 4) You have $7,000 to put in a savings account that earns an annual rate of 5%, how much money will you have in the account after three years?