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How many years will it be before inheritance grows

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You are hoping to buy a house in the future and recently received an inheritance of ?$16,000. You intend to use your inheritance as a down payment on your house.

Question a. If you put your inheritance in an account that earns 9 percent interest compounded? annually, how many years will it be before your inheritance grows to ?$30,000??

Question b. If you let your money grow for 9.5 years at 9 percent?, how much will you? have?

Question c. How long will it take your money to grow to ?$30,000 if you move it into an account that pays 3 percent compounded? annually? How long will it take your money to grow to $30,000 if you move it into an account that pays 11 percent??

Reference no: EM132484065

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