Question
Use future value and present value calculations (use Exhibit 1-A, Exhibit 1-B, Exhibit 1-C) to determine the following: a. The future value of a $1,000
Use future value and present value calculations (use Exhibit 1-A, Exhibit 1-B, Exhibit 1-C) to determine the following:
a. The future value of a $1,000 savings deposit after six years at an annual interest rate of 5 percent. (Round FV factor to 3 decimal places and final answer to 2 decimal places.)
b. The future value of saving $2,600 a year for three years at an annual interest rate of 4 percent. (Round discount factor to 3 decimal places and final answer to 2 decimal places.)
c. The present value of a $2,800 savings account that will earn 4 percent interest for two years. (Round PV factor to 3 decimal places and final answer to 2 decimal places.)
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