Stanford Simmons, who recently sold his Porsche, placed $8,400 in a savings account paying annual compound interest of 6 percent.

Calculate the amount of money that will have accrued if he leaves the money in the bank for 3, 6, and 16 years.

If he moves his money into an account that pays 8 percent or one that pays 10 percent, rework part (a) using these new interest rates.

What conclusions can you draw about the relationship between interest rates, time, and future sums from the calculations you have completed in this problem?

a. What is the accrued value of $8,400 in a savings account paying annual compound interest of 6 percent for 3 years?

What is the accrued value of $8,400 in a savings account paying annual compound interest of 6 percent for 6 years?

What is the accrued value of $8,400 in a savings account paying annual compound interest of 6 percent for 16 years?

b. If the money was moved to an account that pays 8 percent, what is the accrued value of $8,400 in the account for 3 years?

If the money was moved to an account that pays 8 percent, what is the accrued value of $8,400 in the account for 6 years?

If the money was moved to an account that pays 8 percent, what is the accrued value of $8,400 in the account for 16 years?

If the money was moved to an account that pays 10 percent, what is the accrued value of $8,400 in the account for 3 years?

If the money was moved to an account that pays 10 percent, what is the accrued value of $8,400 in the account for 6 years?

If the money was moved to an account that pays 10 percent, what is the accrued value of $8,400 in the account for 16 years?

What conclusions can you draw about the relationship between interest rates, time, and future sums from the calculations you have completed in this problem?