Leslie Mosallam, who recently sold her Porsche, placed

$8,600

in a savings account paying annual compound interest of

4

percent.a.Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for

2,

6,

and

16

year(s).b.Suppose Leslie moves her money into an account that pays

6

percent or one that pays

8

percent.

Rework part

(a)

using

6

percent and

8

percent.

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

Question content area bottom

Part 1

a.After placing

$8,600

in a savings account paying annual compound interest of

4

percent,

the amount of money that will accumulate if Leslie leaves the money in the bank for

2

year(s) is

$enter your response here.

(Round to the nearest cent.)