On January 1, 2021, you deposited $7,000 in a savings account. The account will earn 8...

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On January 1, 2021, you deposited $7,000 in a savings account. The account will earn 8 percent annual compound interest, which will be added to the fund balance at the end of each year. Required: 1. What will be the balance in the savings account at the end of 3 years? (Future Value of $1,Present Value of $1, Future Value Annuity. of $1, Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. 2. What is the total interest for the 3 years? (Future Value of $1,Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. 3. How much interest revenue did the fund earn in 2021 and in 2022? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What will be the balance in the savings account at the end of 3 years? Note: Round your final answer to 2 decimal places. Balance in the Savings Account On January 1, 2021, you deposited $7,000 in a savings account. The account will earn 8 percent annual compound interest, which will be added to the fund balance at the end of each year. Required: 1. What will be the balance in the savings account at the end of 3 years? (Future Value of $1,Present Value of $1, Future Value Annuity. of $1, Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. 2. What is the total interest for the 3 years? (Future Value of $1,Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. 3. How much interest revenue did the fund earn in 2021 and in 2022? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What will be the balance in the savings account at the end of 3 years? Note: Round your final answer to 2 decimal places. Balance in the Savings Account

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To calculate the balance in the savings account at the end of 3 years we can use the formula for fut... View the full answer