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graygoose257Lv1
28 Sep 2019
Future Value. You are hoping to buy a house in the future and recently recieved an inheritance of $22,000. You intend to use your inheritance as a down payment on your house.
a. If you put your inheritance in an account that earns 9 percent interest compounded annually, how many years will it be before your inheritance grows to $34,000?
b. If you let your money grow for 10.5 years at 9%, how much will you have?
c. How long will it take to grow to $34,000 if you move into an account that pays 3% compounded annually?
d. How long will it take to grow to $34,000 if you move into an account that pays 13% compounded annually?
Future Value. You are hoping to buy a house in the future and recently recieved an inheritance of $22,000. You intend to use your inheritance as a down payment on your house.
a. If you put your inheritance in an account that earns 9 percent interest compounded annually, how many years will it be before your inheritance grows to $34,000?
b. If you let your money grow for 10.5 years at 9%, how much will you have?
c. How long will it take to grow to $34,000 if you move into an account that pays 3% compounded annually?
d. How long will it take to grow to $34,000 if you move into an account that pays 13% compounded annually?
Jean KeelingLv2
28 Sep 2019
