Question: Use Future Value and Present Value AND SHOW WORK 1.Larson Lumber makes annual deposits of $500 at 6% compounded annually for 3 years. What is

Use Future Value and Present Value AND SHOW WORK

1.Larson Lumber makes annual deposits of $500 at 6% compounded annually for 3 years. What is the future value of these deposits?

2. Michelle McFeaters can earn 6%. How much would have to be deposited in a savings account in order for Michelle to be able to make equal annual withdrawals of $200 at the end of each of 10 years? The balance at the end of the last year would be zero.

3. Chuck Russo, a high school math teacher, wants to set up an IRA account into which he will deposit $2,000 per year. He plans to teach for 20 more years and then retire. If the interest on his account is 7% compounded annually, how much will be in his account when he retires?

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