Chapter 4 Financial Planning Exercise 8 Calculating interest earned and future value of savings account If you put $1,000 in a savings account that pays interest at the rate of 5 percent, compounded annually, how much will you have in 4 years? Round the answer to the nearest cent. Round PV.factor to three decimal places or use the Appendix A. (Hint: Use the future value formula.) $ How much interest will you earn during the 4 years? Round the answer to the nearest cent $ 11 you put $1,000 at the end of each year into a savings account that pays interest at the rate of 5 percent year, how much would you have after 4 year? Die the Appendix Round the answer to the nearest cent. Round PV.factor to three decimal places