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For each of these situations, determine the savings amount. Use the time value of money...

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Finance

For each of these situations, determine the savings amount. Use the time value of money tables in Exhibit 1-A, Exhibit 1-B, and Exhibit 1-C.

a. What would be the value of a savings account started with $700, earning 4 percent (compounded annually) after 10 years? (Round FV factor to 3 decimal places and final answer to the nearest whole dollar.)

b. Brenda Young desires to have $15,000 eight years from now for her daughters college fund. If she will earn 5 percent (compounded annually) on her money, what amount should she deposit now? Use the present value of a single amount calculation. (Round PV factor to 3 decimal places and final answer to the nearest whole dollar.)

c. What amount would you have if you deposited $1,800 a year for 30 years at 7 percent (compounded annually)? (Round discount factor to 3 decimal places and final answer to the nearest whole dollar.)

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