Calculate answers to the following using future value and/or present value tables:
a. If an accumulation of $1,000 is desired at the end of 4 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 6 months for 5 years would grow to what amount, assuming 8 percent interest compounded semiannually.
a. $683.00 [($1,000 x 0.683 (PV of $1)]
b. $4866.60 [($600 x 8.111 (FV of O.A. @ n = 10, i = 4%)]
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