Calculate Answers to the Following Questions Using Future Value And/or

Essay

Calculate answers to the following questions using future value and/or present value tables.
a. If an accumulation of $1,000 is desired at the end of four years, what bank deposit must be made now to accomplish that goal, assuming 10 percent interest compounded annually?
b. A deposit of $600 made at the end of every six months for five years would grow to what amount, assuming 8 percent interest compounded semiannually.