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(Related to The Business of Life: Saving for Your First House) (Future value)

You are hoping to buy a house in the future and recently received an inheritance of $16,000. You intend to use your inheritance as a down payment on your house.

a. If you put your inheritance in an account that earns 8 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 9.5years at 8 percent, how much will you have?

c. How long will it take your money to grow to $34 ,000 if you move it into an account that pays 4 percent compounded annually. How long will it take your money to grow to ?$34,000 if you move it into an account that pays 11%

d. What does all this tell you about the relationship among interest rates, time, and future sums?

please round all the answer to one decimal.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92100404

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