Calculate the amount of money that will accumulate

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Reference no: EM132235082

Leslie? Mosallam, who recently sold her? Porsche, placed ?9,200 in a savings account paying annual compound interest of 5 percent.

a. Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for 2?, 6?, and 16 ?year(s).

b. Suppose Leslie moves her money into an account that pays 7 percent or one that pays 9 percent. Rework part ?(a?) using 7 percent and 9 percent.

c. What conclusions can you draw about the relationship between interest? rates, time, and future sums from the calculations you just? did?

a. After placing ?$9,200 in a savings account paying annual compound interest of 5 percent?, the amount of money that will accumulate if Leslie leaves the money in the bank for 2 ?year(s) is ?$___ ?(Round to the nearest? cent.)

Reference no: EM132235082

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