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Save homeWork: 5-2 MyFinanceLab Assignment Score: 32 of 4 pts 3 of 12 (11 complete) P5-3 (similar to) HW Score: 90.4%, 45.2 of 50 pts
Save homeWork: 5-2 MyFinanceLab Assignment Score: 32 of 4 pts 3 of 12 (11 complete) P5-3 (similar to) HW Score: 90.4%, 45.2 of 50 pts Question Help (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 $20,000. You intend to use your inheritance as a down payment on your house. a. If you put your inheritance in an account that earns 8 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 10.5 years at 8 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 4 percent compounded annually? How long will take your money to grow to $33,000 if you move it into an account that pays 13 percent? d. What does all this tell you about the relationship among interest rates, time, and future sums
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