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( Related to Checkpoint 5 . 2 ) ( Future value ) Leslie Mosallam, who recently sold her Porsche, placed $ 9 , 0 0
Related to Checkpoint Future value Leslie Mosallam, who recently sold her Porsche, placed $ in a savings account paying annual compound interest of percent.
a Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for and years
b Suppose Leslie moves her money into an account that pays percent or one that pays
percent. Rework part a using percent and 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 $ in a savings account paying annual compound interest of percent, the amount of money that will accumulate if Leslie leaves the money in the bank for years is $
Round to the nearest cent.
If she leaves the money in the bank for years, the amount of money that will accumulate is $
Round to the nearest cent.
If she leaves the money in the bank for years, the amount of money that will accumulate is $ Round to the nearest cent.
b If Leslie moves her money into an account that pays percent compounded annually for years the amount of money that will accumulate is $
Round to the nearest cent.
If Leslie moves her money into an account that pays percent compounded annually for years, the amount of money that will accumulate is $Round to the nearest cent.
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