Time value Personal Finance Problem You have $4,200 to invest today at 6% 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 why the amount of interest earned increases in each succeeding 6-year period.