Using a financial calculator, Excel, or the time value of money tables in the Chapter 1 Appendix, calculate the following:
a. The future value of $550 six years from now at 7 percent.
b. The future value of $900 saved each year for 10 years at 8 percent.
c. The amount a person would have to deposit today (present value) at a 5 percent interest rate to have $1,000 five years from now.
d. The amount a person would have to deposit today to be able to take out $500 a year for 10 years from an account earning 8 percent.