Using the present and future value formula, the appropriate calculations on the Garman/Forgue website, or a financial calculator, calculate the following:

1. The future value of $400 in two years that earns 5 percent.
2. The future value of $1200 saved each year for ten years that earns 7 percent.
3. The amount a person would need to deposit today with a 5 percent interest rate to have $2000 in three years.
4. The amount a person would need to deposit today to be able to withdraw $6000 each year for ten years from an account earning 6 percent.
5. A person is offered a gift of $5000 now or $8000 five years from now. If such funds could be expected to earn 8 percent over the next five years, which is the better choice?