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Homework: 5-2 MyFinanceLab Assignment core: 0 of 4 pts P5-3 (similar to) Related to The Business of Lite: Saving for Your First House) (Future value)

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Homework: 5-2 MyFinanceLab Assignment core: 0 of 4 pts P5-3 (similar to) Related to The Business of Lite: Saving for Your First House) (Future value) You are hoping to bay a house in the Suture and recenily necelved an inhellance of $24,000. You intend to use your inhertance as a down payment en your house a. If you put your isheeltlance in an account that eams 9 percent interest compounded annually, how many years willik be betore your inheritance grows to $34,000? b. If you let your money grow for 9 75 years at 9 percent, how much will you have? C. How long will L Take youe money to grow to $34,000 if you move it into an account that pays 5 percent compounded annualy How lngill t take your money to growto $34,000 iyou move it into an account hat pays 12 pern d. What does all this tel you about the relalionship among imerent rates, time, and hare sums Iyou put your inherltance in an account that eams 9 pencent intenest compounded annally how many years willi be before your inweritance grows to $34,0007 3325 years Round to one deciemal place) cick Check Answer Erter your answer in the answer box and then Type here to search

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