Question
Leslie Mosallam, who recently sold her Porsche, placed $10 comma 20010,200 in a savings account paying annual compound interest of 77 percent.a.Calculate the amount of
Leslie Mosallam, who recently sold her Porsche, placed
$10 comma 20010,200
in a savings account paying annual compound interest of
77
percent.a.Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for
22,
66,
and
1616
year(s).b.Suppose Leslie moves her money into an account that pays
99
percent or one that pays
1111
percent.
Rework part
(a)
using
99
percent and
1111
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
$10 comma 20010,200
in a savings account paying annual compound interest of
77
percent,
the amount of money that will accumulate if Leslie leaves the money in the bank for
22
year(s) is
$nothing.
(Round to the nearest cent.)
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