P9-14 Computing Future Values of a Single Amount and an Annuity L09-7 a. A riend o yours, Grace, wants o purchase a house in five years. To save for he house, Grace de des deposit $112 000 n a sa ngs account on Januar ,ofthis r. The sa ng account il earn 6% annually. Any interest earned will be added to the fund at year-end (rather than withdrawn). b. At the end of each year, a different friend Claire, plans to deposit 9,000 in a savings account. The account will earn 9% annual interest, which will be added o the und balance at year-end are will make her first deposit at the end of this year Required: 1. In (a), how much will be available at the end of five years? What is the total interest earned over the five years? (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided. Round your answers to nearest whole dollar.) Amount available Total interest carned 2. In (b), what will be the balance in the savings account at the end of the 8th year i.e., after 8 deposits)? What is the interest eamed on the 8 deposits? (FV of $1, PV of S1, FVA of $1, and PVA of S1) (Use the appropriate factor(s) from the tables provided. Round your answers to nearest whole dollar.) Balance in account Total interest earned