(Future value)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.

a.If you put your inheritance in an account that earns 9 percent interest compoundedannually, how many years will it be before your inheritance grows to $34,000?

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

c.How long will it take your money to grow to $34,000 if you move it into an account that pays 3 percent compoundedannually? How long will it take your money to grow to $34,000 if you move it into an account that pays 11 percent?

d.What does all this tell you about the relationship among interestrates, time, and futuresums?