Question
Time value Personal Finance Problem You have $2,800 to invest today at 7% interest compounded annually. a. Find how much you will have accumulated in
Time value Personal Finance Problem You have $2,800 to invest today at 7% interest compounded annually. a. Find how much you will have accumulated in the account at the end of (1) 6 years, (2) 12 years, and (3) 18 years. b. Use your findings in part a to calculate the amount of interest earned in (1) the first 6 years (years 1 to 6), (2) the second 6 years (years 7 to 12), and (3) the third 6 years (years 13 to 18). c. Compare and contrast your findings in part b. Explain how the amount of interest earned changes in each succeeding 6 dash year6-year period.
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