Future value)Leslie Mosallam, who recently sold her Porsche, placed

$11,000 in a savings account paying annual compound interest of 6 percent.

a. Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for 3, 7,and 17 year(s).

b. Suppose Leslie moves her money into an account that pays 8 percent or one that pays 10 percent. Rework part (a) using 8 percent and 10 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 $11,000 in a savings account paying annual compound interest of 6 percent, the amount of money that will accumulate if Leslie leaves the money in the bank for 3 year(s) is

$enter your response here.

(Round to the nearest cent.)

Part 2

If she leaves the money in the bank for 7 years, the amount of money that will accumulate is $ enter your response here.

(Round to the nearest cent.)

Part 3

If she leaves the money in the bank for 17 years, the amount of money that will accumulate is $ enter your response here.

(Round to the nearest cent.)

Part 4

b.

If Leslie moves her money into an account that pays 8 percent compounded annually for 3 year(s), the amount of money that will accumulate is $ enter your response here.

(Round to the nearest cent.)

Part 5

If Leslie moves her money into an account that pays 8 percent compounded annually for 7 years, the amount of money that will accumulate is $ enter your response here.

(Round to the nearest cent.)

Part 6

If Leslie moves her money into an account that pays 8 percent compounded annually for 17 years, the amount of money that will accumulate is $ enter your response here.

(Round to the nearest cent.)

Part 7

If Leslie moves her money into an account that pays 10 percent compounded annually for 3 year(s), the amount of money that will accumulate is $ enter your response here.

(Round to the nearest cent.)

Part 8

If Leslie moves her money into an account that pays 10 percent compounded annually for 7 years, the amount of money that will accumulate is $ enter your response here.

(Round to the nearest cent.)

Part 9

If Leslie moves her money into an account that pays 10 percent compounded annually for 17 years, the amount of money that will accumulate is $ enter your response here.

(Round to the nearest cent.)

Part 10

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