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(Related to The Business of Life: Saving for Your First House) (Future value) You are hoping to buy a house in the future and recently

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(Related to The Business of Life: Saving for Your First House) (Future value) You are hoping to buy a house in the future and recently received an inheritance of $24,000. You intend to use your inheritance as a down payment on your house. a. If you put your inheritance in an account that earns 7 percent interest compounded annually, how many years will it be before your inheritance grows to $33,000? b. If you let your money grow for 9.5 years at 7 percent, how much will you have? c. How long will it take your money to grow to $33,000 if you move it into an account that pays 5 percent compounded annually? How long will it take your money to grow to $33,000 if you move it into an account that pays 12 percent? d. What does all this tell you about the relationship among interest rates, time, and future sums

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