How much total interest, If you can earn 5% on your

How much total interest

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Reference no: EM131984019

1. If you deposit $700 in a bank account that earns 8 percent per year, how much total interest will you have earned after the third year? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Total interest $

2. You want to take a vacation in 4 years and feel you’ll need $8,500 to do so. If you can earn 5% on your deposits, how much will you need to deposit in each of the next four years to have the needed amount?

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Reference no: EM131984019

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