Future Value of a Single Sum

1. What will a deposit of $4,500 at 7% annual interest be worth if left in the bank for nine years?

a. $8,273.25

b. $8,385.78

c. $8,279.23

d. $7,723.25

2. How much will $1,000 deposited in a savings account earning an annual interest rate of 6 percent be worth at the end of 5 years?

a. $1,338.20

b. $1,348.75

c. $1,388.20

d. $1,438.78

3. How much will $1,000 deposited in a savings account earning an annual interest rate of 6 percent be worth at the end of 3 years?

a. $1,199

b. $1,191

c. $1,891

d. $1,389

Show work please

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