You have an eccentric aunt who has promised to deposit $6,875 in a savings account in...

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You have an eccentric aunt who has promised to deposit $6,875 in a savings account in your name. She has stated that you will not have access to the money for six years but that the money will be earning 7% interest. At the designated future date, the principal and interest will be yours to purchase a new car. first gother the relevant data by completing the following table. Present Value: Period: Rate of Interest: Future Value Factor: Next use the following table of future value factors or your financial calculator to calculate the future value of this money in six years. Period 1 2 3 4 19 1.010 1.020 1.030 1.041 1.051 1.062 1.072 3% 4% 2% 1.020 1.030 1.040 1.061 1.061 1.093 1.082 1.126 1.104 1.159 1.126 1.194 1.149 1.230 5% 1.050 1.103 1.040 1.082 1.125 1.158 1.170 1.216 1.217 1.276 1.265 1.340 1.316 1.407 6% 1.060 1.124 7% 1.070 1.145 1.191 1.225 1.262 1.311 1.338 1.403 1.419 1.501 1.504 1.606 8% 1.080 1.166 1.260 1.360 1.469 1.587 1.714 Period 1% 1 2 3 4 5 6 2% 3% 4% 1.020 1.030 1.040 1.040 1.061 1.082 1.030 1.061 1.093 1.125 1.041 1.082 1.126 1.170 1.051 1.104 1.159 1.062 1.126. 7 1.010 1.020 1 1.072 1.149 1 The account will have a balance of 1.217 $11,867.29 $8,771.471 $10,319.38 5% 1.050 1.103 6% 7% 8% 1.060 1.070. 1.080 1.124 1.145 1.166 1.158 1.191 1.225 1.260 1.216 1.262 1.311 1.360 1.276 1.338 1.403 1.469 1.340 1.419 1.501 1.587 1.407 1.504 1.606 1.714 D in six years (rounded to two decimal places). You have an eccentric aunt who has promised to deposit $6,875 in a savings account in your name. She has stated that you will not have access to the money for six years but that the money will be earning 7% interest. At the designated future date, the principal and interest will be yours to purchase a new car. first gother the relevant data by completing the following table. Present Value: Period: Rate of Interest: Future Value Factor: Next use the following table of future value factors or your financial calculator to calculate the future value of this money in six years. Period 1 2 3 4 19 1.010 1.020 1.030 1.041 1.051 1.062 1.072 3% 4% 2% 1.020 1.030 1.040 1.061 1.061 1.093 1.082 1.126 1.104 1.159 1.126 1.194 1.149 1.230 5% 1.050 1.103 1.040 1.082 1.125 1.158 1.170 1.216 1.217 1.276 1.265 1.340 1.316 1.407 6% 1.060 1.124 7% 1.070 1.145 1.191 1.225 1.262 1.311 1.338 1.403 1.419 1.501 1.504 1.606 8% 1.080 1.166 1.260 1.360 1.469 1.587 1.714 Period 1% 1 2 3 4 5 6 2% 3% 4% 1.020 1.030 1.040 1.040 1.061 1.082 1.030 1.061 1.093 1.125 1.041 1.082 1.126 1.170 1.051 1.104 1.159 1.062 1.126. 7 1.010 1.020 1 1.072 1.149 1 The account will have a balance of 1.217 $11,867.29 $8,771.471 $10,319.38 5% 1.050 1.103 6% 7% 8% 1.060 1.070. 1.080 1.124 1.145 1.166 1.158 1.191 1.225 1.260 1.216 1.262 1.311 1.360 1.276 1.338 1.403 1.469 1.340 1.419 1.501 1.587 1.407 1.504 1.606 1.714 D in six years (rounded to two decimal places).

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The formula for future value is FVPVFuture Value factor Her... View the full answer