?1. (Future value?) Selma and Patty Bouvier are? twins, and both work at the Springfield DMV. They decide to save for? retirement, which is 35 years away.? They'll both receive an annual return of 8 percent on their investment over the next 35 years. Selma invests $2,000 per year at the end of each year only for the first 10 years of the 35?-year period—for a total of $20,000 saved. Patty? doesn't start saving for 10 years and then saves $2,000 per year at the end of each year for the remaining 25 years—for a total of $50,000 saved. How much will each of them have when they? retire?
a. Selma invests $2,000 per year at the end of each year only for the first 10 years of the 35?-year period. How much will Selma have 10 years from? now? $(Round to the nearest? cent.)
b. How much will Selma have when she retires 35 years from? now? $(Round to the nearest? cent.)
c. Patty? doesn't start saving for 10 years and then saves ?$2,000 per year at the end of each year for the remaining 25 years. How much will Patty have when she retires 35 years from? now? $?(Round to the nearest? cent.)
2. (Spreadsheet problem?) If you invest $900 in a bank in which it will earn 8 percent compounded? annually, how much will your investment be worth at the end of 7 years? Use a spreadsheet to do your calculations. How much will your investment be worth at the end of 7 years? $(Round to the nearest? cent.)