Question

​(Related to Checkpoint​ 5.2)  ​(Future value)  Leslie​ Mosallam, who recently sold her​ Porsche, placed

​$9,400

in a savings account paying annual compound interest of

6

percent.a.  Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for

3​,

7​,

and

17

​year(s).b.  Suppose Leslie moves her money into an account that pays

8

percent or one that pays

10

percent.

Rework part

​(a​)

using

8

percent and

10

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

​$9,400

in a savings account paying annual compound interest of

6

percent​,

the amount of money that will accumulate if Leslie leaves the money in the bank for

3

​year(s) is

​$nothing.

​(Round to the nearest​ cent.)

Answer 1

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