You are hoping to buy a house in the future and recently received an inheritance...
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Accounting
You are hoping to buy a house in the future 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 will it be before your inheritance grows to $33,000?
b.If you let your money grow for 9.5years at 7 percent,how much will you have?
c.How long will it take your money to grow to $33,000 if you move it into an account that pays4percent compounded annually? How long will it take your money to grow to $33,000 if you move it into an account that pays 13 percent?
d.What does all this tell you about the relationship among interest rates, time, and future sums?
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