eamed will be ad st deposit at the end of this year a. A lend...
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eamed will be ad st deposit at the end of this year a. A lend o yours. Grace, the fund at year-end (rather than withdran). wants to purchase a house in n e ears. To save or the house. Grace decides to derosit S 112 000 n a savings acoun on January 1 of this year. The savings account will earn 6% annually. Any interest earned wil be added to to deposit $1 b. At the end o each year, a different le Claire. plans to deposit $9 000 in a savings account The account will ear 9 % annual interest, which will be added to the fund balance at ear d ire will make her Required: 1 In a how much will be available at the end of five years? What is the total interest eamed over the t e years? whole dollar.) Fy ot1. PV or $1 FVA ot S1 and PVA ot $1 Use the appropriate tactor s from the tables provided. Round your answers to nearest Amountavailabe Total interest earned 2. In (b), what will be the balance in the savings account at the end of the th year (i.e., after 8 deposits)? What is the interest earmed on the 8 deposits? (EY of SL. PV of S1, FVA of S1, and PVA of S1) (Use the appropriate factorfs) from the tables provided. Round your answers to nearest whole dollar.) Balance in account Tatal interest earned
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