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On each December 31, you plan to transfer $3,100 from your checking account into an investment...

On each December 31, you plan to transfer $3,100 from your checking account into an investment account. The investment account will earn 6 percent annual interest, which will be added to the account balance at each year-end. The first deposit will be made December 31, 2018 (at the end of the period). (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1) (Use appropriate factor(s) from the tables provided.)

Required: 1. What will be the balance in the account at the end of the 10th year (i.e., 10 deposits)?

2. What is the total amount of interest earned on the 10 deposits?

3. How much interest revenue did the fund earn in 2019? 2020?

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