a1-3bi Use the present value and future value formulas to solve the following problems. Confirm your answers with your financial calculator. Show both methods of calculation in your answers. When...

a1-3bi

Use the present value and future value formulas to solve the following problems. Confirm your answers with your financial calculator. Show both methods of calculation in your answers. When performing your calculations, keep as many decimal places as you can for intermediate answers, but round your final answers to two decimal places.

1. You estimate that you will need $350,000 to buy a house some time in the future. If your bank account pays an annual interest rate of 3%, how much money must you deposit now to purchase the house in
   
   
   
   1. one year’s time?