On December 31, 2009, you sign a contract to make annual deposits of $4,200 in an investment account that earns 10 percent. The first deposit is made on December 31, 2009.

Required:

1. Calculate what the balance in this investment account will be just after the seventh deposit has been made if interest is compounded annually.

2. Determine how much interest will have been earned on this investment account just after the seventh deposit has been made if interest is compounded annually.