You are hoping to buy a house in the future and recently received an inheritance of...

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Finance

You are hoping to buy a house in the future and recentlyreceived an inheritance of $16,000. You intend to use yourinheritance as a down payment on your house.
a. If you put your inheritance in an account that earns 7percent interest compounded? annually, how many years will it bebefore your inheritance grows to $33,000?
b. If you let your money grow for 10.25 years at 7 percent. howmuch will you have?
c. How long will it take your money to grow to $33,000 if youmove it into an account that pays 3 percent compounded? annually?How long will it take your money to grow to $33,000 if you move itinto an account that pays 12 percent?
d. What does all this tell you about the relationship amonginterest? rates, time, and future? sums?

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You are hoping to buy a house in the future and recentlyreceived an inheritance of $16,000. You intend to use yourinheritance as a down payment on your house.a. If you put your inheritance in an account that earns 7percent interest compounded? annually, how many years will it bebefore your inheritance grows to $33,000?b. If you let your money grow for 10.25 years at 7 percent. howmuch will you have?c. How long will it take your money to grow to $33,000 if youmove it into an account that pays 3 percent compounded? annually?How long will it take your money to grow to $33,000 if you move itinto an account that pays 12 percent?d. What does all this tell you about the relationship amonginterest? rates, time, and future? sums?