Best writers. Best papers. Let professionals take care of your academic papers

Order a similar paper and get 15% discount on your first order with us
Use the following coupon "FIRST15"
ORDER NOW

LeslieMosallam

Leslie​ Mosallam, who recently sold her​ Porsche, placed ​9,200 in a savings account paying annual compound interest of 5 percent.

a.  Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for 2​, 6​, and 16 ​year(s).

b.  Suppose Leslie moves her money into an account that pays 7 percent or one that pays 9 percent. Rework part ​(a​) using 7 percent and 9 percent.

c.  What conclusions can you draw about the relationship between interest​ rates, time, and future sums from the calculations you just​ did?

a.  After placing ​$9,200 in a savings account paying annual compound interest of 5 percent​, the amount of money that will accumulate if Leslie leaves the money in the bank for 2 ​year(s) is ​$___ ​(Round to the nearest​ cent.)

Top Answer

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"