1. Find the future value of $5,000 invested in each of the following situations: a. 5 percent for 10 years b. 7 percent for 7 years c. 9 percent for 4 years.
2. Abigail puts $13,000 today into an investment that will grow at a rate of 7.5% per year for 16 years. How much will her investment be worth after those 16 years? What if the interest rate were 15%?
3. Bartholomew will need $79,000 in 5 years, and he has found an investment that grows at 4.6% per year. How much will he have to invest today to reach his goal? What if he needed the money in 8 years instead of 5?