(Future value) You are hoping to buy a house in the future and recently received an inheritance of $18, 000.You intend to use your inheritance as a down payment on your house.<\/p>
a. If you put your inheritance in an account that earns 9% interest compounded annually, how many years will it be before your inheritance grows to <\/p>
$31,000?<\/p>
b. If you let your money grow for 10.5years at 9%, how much will you have?<\/p>
c. How long will it take your money to grow to $31,000 if you move it into an account that pays 3% compounded annually? How long will it take your money to grow to $31,000 if you move it into an account that pays 13 %?<\/p>
d. What does all this tell you about the relationship among interest rates, time, and future sums?<\/p>
<\/p>", "transcribed_text": "", "related_book": { "title": "Managerial Accounting Tools for Business Decision Making", "isbn": "978-1118727737, 1118727738, 978-1118033890", "edition": "3rd Canadian edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1213.jpg", "uri": "\/textbooks\/managerial-accounting-tools-for-business-decision-making-3rd-canadian-edition-1213", "see_more_uri": "" }, "free_related_book": { "isbn": "007048208X", "uri": "\/textbooks\/optimizing-jet-transport-efficiency-performance-operations-and-economics-1st-edition-978-0070482081-338901", "name": "Optimizing Jet Transport Efficiency Performance Operations And Economics", "edition": "1st Edition" }, "question_posted": "2024-06-06 10:14:24", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/as-an-internal-auditor-you-have-been-assigned-to-evaluate", "description": "As an internal auditor, you have been assigned to evaluate the controls and operation of acomputer payroll system. 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