Future Values. You deposit $$1,000$ in your bank account. $($LO$5-$l$)$

a$.$ If the bank pays $4\%$ simple interest, how much will you accumulate in your account after

$10$ years?

b$.$ How much will you accumulate if the bank pays compound interest?

Future Values. In $1880$ five aboriginal trackers were each promised the equivalent of $100$

Australian dollars for helping to capture the notorious outlaw Ned Kelley. In $1993$ the grand$-$

daughters of two of the trackers claimed that this reward had not been paid. The Victorian prime

minister stated that if this was true, the government would be happy to pay the $$100.$ However,

the granddaughters also claimed that they were entitled to compound interest. $($LO$5-1)$

a$.$ How much was each granddaughter entitled to if the interest rate was $4\%?$

b$.$ How much was each entitled to if the interest rate was $8\%?$