Time value Personal Finance Problem You have ?$1,800 to investtoday at 8?% interest compounded annually.
a. Find how much you will have accumulated in the account at theend of? (1) 3 ?years, (2) 6 ?years, and? (3) 9 years.
b. Use your findings in part a to calculate the amount ofinterest earned in? (1) the first 3 years? (years 1 to 3?), ?(2)the second 3 years? (years 4 to 6?), and? (3) the third 3 years?(years 7 to 9?).
c. Compare and contrast your findings in part b. Explain why theamount of interest earned increases in each succeeding 3 dash yearperiod.
