Question: 1. If a person spends $10 a week on coffee (assume $500 a year), what would be the future value of that amount over 10 years if the funds were deposited in an account earning 3 percent?
2. Tran Lee plans to set aside $2,200 a year for the next seven years, earning 3 percent. What would be the future value of this savings amount?
3. Carla Lopez deposits $3,000 a year into her retirement account. If these funds have average earnings of 8 percent over the 40 years until her retirement, what will be the value of her retirement account?