For each of these situations, determine the savings amount.
What would be the future value of a savings account started with $700, earning 10 percent (compounded annually) after 8 years? (Round time value factor to 3 decimal places and final answer to the nearest whole dollar.)
Brenda Young desires to have $9,000 eight years from now for her daughter's college fund.
If she will earn 7 percent (compounded annually) on her money, what amount should she deposit now? Use the present value of a single amount calculation. (Round time value factor to 3 decimal places and final answer to the nearest whole dollar.)
What future value amount would you have if you deposited $2, 400 a year for 25 years at 5 percent (compounded annually)? (Round time value factor to 3 decimal places and final answer to the nearest whole dollar.)