(Compound value ) Stanford Simmons, who recently sold his Porsche, placed $9,400 in a savings account paying annual compound interest of 6 percent.

a. Calculate the amount of money that will have accrued if he leaves the money in the bank for 3 , 6 , and 16 years.

b. If he moves his money into an account that pays 8 percent or one that pays 10 percent, rework part (a) using these new interest rates.

Answer a. The accrued value in 3 years is $ , in 6 years $ , and in 16 years $ . (Round to the nearest cent and use thousands separators.)

Answer b. At 8 percent, the accrued value in 3 years is $ , in 6 years $ , and in 16 years $ . (Round to the nearest cent and use thousands separators.)

At 10 percent, the accrued value in 3 years is $ , in 6 years $ , and in 16 years $ . (Round to the nearest cent and use thousands separators.)