Homework Answers
1) Balance in the savings account = Amount deposited*FVF(9%, 3 yrs)
= $5,700*1.295029 = $7,381.67
2) Total interest for three years = Balance in the savings account - Amount deposited
= $7,381.67 - $5,700 = $1,681.67
3) Interest revenue for 2016 = Amount deposited*Interest rate
= $5,700*9% = $513
Interest revenue for 2017 = Balance at the end of 2016*Interest rate
= ($5,700+$513)*9% = $559.17
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