On January 1, 2018, you deposited $5,900 in a savings account. The account wil e

Question

On January 1, 2018, you deposited $5,900 in a savings account. The account wil earm 8 percent annual compound interest which will bo added to the fund balance at the and of each year Required 1. Whst will be the balance in the savings account at the end of 4 years? Future Velue of 31. Present Ve ue of S1. Future Value Annuity of S1, Present V ue Anny ofs1.) (Use appropriate factor(s) from the tables provided. Round your final answers to 2 decimal places.) 2. Whst is the totsl interest for the 4 years? (Euture Velue of S1. Present Value of $1. Future Value Annuity of 31. Present Value Annuity of $1.) (Use appropriate factorts) from the tables provided. Round your final answers to 2 decimal places.)

Explanation / Answer

Amount of Deposit                   5,900.00 Interest rate per year 8% Time period in years                            4.00 Time Opening Balance Interest Closing Balance                                                                                    1.00                   5,900.00                       472.00                   6,372.00                                                                                    2.00                   6,372.00                       509.76                   6,881.76                                                                                    3.00                   6,881.76                       550.54                   7,432.30                                                                                    4.00                   7,432.30                       594.58                   8,026.88 Balance in saving account at end of 4 years                   8,026.88 Total Interest for 4 Years = 8026.88 - 5900                   2,126.88

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