(Related to Checkpoint 5.2)(Future value)Leslie Mosallam, who recently sold her Porsche, placed

$9,400

in a savings account paying annual compound interest of

6

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

3,

7,

and

17

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

8

percent or one that pays

10

percent.

Rework part

(a)

using

8

percent and

10

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

$9,400

in a savings account paying annual compound interest of

6

percent,

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

3

year(s) is

$nothing.

(Round to the nearest cent.)