Calculate Answers to the Following Questions Using Future Value And/or

question 45

Essay

Calculate answers to the following questions using future value and/or present value tables.
a.If an accumulation of $1,000 is desired at the end of four years,what bank deposit must be made now to accomplish that goal,assuming 10 percent interest compounded annually?
b.A deposit of $600 made at the end of every six months for five years would grow to what amount,assuming 8 percent interest compounded semiannually.Round amounts to the nearest dollar.

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