solve for 1a,1b,1c,1d all parts, show work (Related to The Business of Life:...
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solve for 1a,1b,1c,1d all parts, show work
(Related to The Business of Life: Saving for Your First House) (Future value) You are hoping to buy a house in the tuture and recently received 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 7 percent interest compounded annually, how many years wili ia be before your inheritance grows to $35,000 ? b. If you let your money grow for 9.75 years at 7 percont, how much will you have? c. How long wil it take your money to grow to $35,000 t you meve it into an account that pays 4 percent compounded annualy? How long wal it take your meney to grow to $35,000 if you meve it into an account that pays 13 percent? d. What does al this toll you about the relationship among interest rates, fime, and future sums
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