Chapter 4 Financial Planning Exercise 8 Calculating interest earned and future value of savings account If you put $3,000 in a savings account that pays interest at the rate of 7 percent, compounded annually, how much will you have in 7 years? Round the answer to the nearest cent. Round FV-factor to three decimal places or use the Appendix A . (Hint: Use the future value formula.) $ How much interest will you earn during the 7 years? Round the answer to the nearest cent. $ If you put $3,000 at the end of each year into a savings account that pays interest at the rate of 7 percent a year, how much would you have after 7 years? Use the Appendix B . Round the answer to the nearest cent. Round FV-factor to three decimal places. $