Problem $8-2$ Future Value of Wise Buying $[$LO$8-1]$

Assume Eric Sanchez saves $$55$ a month by using coupons and doing comparison shopping.

a$.$ What is the annual savings amount?

b$.$ What would be the future value of this annual amount over $10$ years, assuming an interest rate of $7$ percent? $($Exhibit $1-$A$,$ Exhibit $1$B$,$ Exhibit $1-$C$,$ Exhibit $1-$D$)$

Note: Use appropriate factor$($s$)$ from the tables provided. Round time value factor to $3$ decimal places and final answers to $2$ decimal places.

a$.$ Annual savings amount

b$.$ Future value