Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 20 Feb 2018 My Price 6.00

7 percent interest rate

(Future value) You are hoping to buy a house in the future and recently received an inheritance of $20,000. You intend to use your inheritance as a down payment on your house.

  • a. If you put your inheritance in an account that earns a 7 percent interest rate compounded annually, how many years will it be before your inheritance grows to $30,000?
  • b. If you let your money grow for 10.25 years at 7 percent, how much will you have?
  • c. How long will it take your money to grow to $30,000 if you move it into an account that pays 3 percent compounded annually?
  • d. How long will it take your money to grow to $30,000 if you move it into an account that pays 11 percent?
  • What does all of this tell you about the relationship among interest rates, time, and future sums?
 

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Feb 2018 10:02 PM My Price 6.00

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