On January 1, 2016, you deposited $5,300 in a savings account. The account will earn 9...

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Accounting

On January 1, 2016, you deposited $5,300 in a savings account.The account will earn 9 percent annual compound interest, whichwill be added to the fund balance at the end of each year.Required: 1. What will be the balance in the savings account at theend of 7 years? (Future Value of $1, Present Value of $1, FutureValue Annuity of $1, Present Value Annuity of $1.) (Use appropriatefactor(s) from the tables provided. Round your final answers to 2decimal places.) 2. What is the total interest for the 7 years?(Future Value of $1, Present Value of $1, Future Value Annuity of$1, Present Value Annuity of $1.) (Use appropriate factor(s) fromthe tables provided. Round your final answers to 2 decimal places.)3. How much interest revenue did the fund earn in 2016 and in 2017?(Round your final answers to 2 decimal places.)

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Solution 1 Calculation of the Future Value of 5300 after 7 years at an annual interest rate of 9 Future Value Present Value 1 rt Where r Annual interest rate t Number of See Answer

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