Calculate the following.

    

a. The future value of $460 eight years from now at 7 percent. (Round your final answer to 2 decimal places.)

b. The future value of $500 saved each year for 7 years at 5 percent. (Round your final answer to 2 decimal places.)

  

c. The amount a person would have to deposit today (present value) at an interest rate of 6 percent to have $2,200 five years from now. (Round your final answer to 2 decimal places.)

  

d. The amount a person would have to deposit today to be able to take out $500 a year for 8 years from an account earning 5 percent. (Round your final answer to 2 decimal places.)

Answer rating: 100% (QA)

Lets calculate each of the scenarios a Future value of 460 eight years from no... View the full answer