Directions: Please use the TVM Solver app on your TI83 or $TI -84$. Please round all answers to the nearest dollar, AND provide detailed values for each of the TVM Solver entries you used to arrive at your answer. Be sure to specify values for N, I, PV, PMT, FV, P/Y, C/Y and PMT for each answer.
Answers submitted without the TVM Solver entry data will not receive credit.
1. At the time of a child's birth,
$ 12,000 was deposited in an account paying 6% interest compounded semiannually. What will be the value of the account at the child's 21 birthday?
2. You deposited $2,600 in an account that pays 4% interest compounded once a year. Your friend deposits $2,200 in an account that pays 5% interest compounded monthly.
A. Who will have more money in their account after one year? How much more?
B. Who will have more money in their account after five years? How much more?
C. Who will have more money in their account after twenty years? How much more?
