For each of these situations, determine the savings amount. Use the time value of money tables inChapter 1 (Exhibit 1–3) or in the Chapter 1 appendix. (LO 4.3)a. What would be the value of a savings account started with $700, earning 4 percent (compounded annually) after 10 years?b. Brenda Young desires to have $15,000 eight years from now for her daughter’s college fund. If she will earn 6 percent (compounded annually) on her money, what amount should she deposit now? Use the present value of a single amount calculation. c. What amount would you have if you deposited $1,800 a year for 30 years at 8 percent (compounded annually)?

a. What would be the value of a savings account started with $700, earning 4 percent (compounded annually) after 10 years?

$700 * 1.480 = $1,036.00

b. Brenda Young desires to have $15,000 eight years from now for her daughter’s college fund. If she will earn 6 percent (compounded annually) on her money, what amount should she deposit now? Use the present value of a single amount calculation.

$15,000 * 0.627 = $9,405

c. What amount would you have if you deposited $1,800 a year for 30 years at 8 percent (compounded annually)?

$1,800 * 113.28 = $203,904

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough

the third answer is correct.