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Homework answers / question archive / On January 1, 2016, you deposited $5,300 in a savings account
On January 1, 2016, you deposited $5,300 in a savings account. The account will earn 9 percent annual compound interest, which will be added to the fund balance at the end of each year. Required: 1. What will be the balance in the savings account at the end of 8 years? (Future Value of $1. Present Value of $1. Future Value Annuity of $1. Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answers to 2 decimal places.) Balance in the Savings Account 2. What is the total interest for the 8 years? (Future Value of $1. Prosent Value of $1. Future Value Annuity of S1. Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answers to 2 decimal places.) Total Interest 3. How much interest revenue did the fund earn in 2016 and in 2017? (Round your final answers to 2 decimal places.) 2016 Interest Revenue 2017 Interest Revenue
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