1. Suppose you deposit $1,000 in an account at the end of each year for three years. If the…

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1. Suppose you deposit $1,000 in an account at the end of each year for three years. If the account earns 5% interest per year, what is the balance in the account at the end of three years?

2. Calculate the present value of a four-payment $1,000 ordinary annuity if the interest rate is 5%.