finance-After choosing a savings account with a 3% interest rate

QUESTION

After choosing a savings account with a 3% interest rate, you decide to invest $5,000 into the savings account.Using the future value calculation, determine at an interest rate of 3%, what would be your total balance available at the end of five years if you leave the $5,000 untouched. Show your calculations, as well as, your answer in your portfolio.How will this interest earned be reported on your federal income tax returns?Be sure to include the following in your financial portfolio:Contact information for the financial institutions Show all steps of your future value calculations in Excel or Word format.Support your statements with examples and at least three scholarly references.Your financial portfolio should be presented as a 3–4-page paper in Word format. Be sure to also include the template you completed for step 1 of the assignment. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M3_A2.doc.

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