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You are hoping to buy a house in the future and recently received an inheritance of $18,000. You intend to use your inheritance as a
You are hoping to buy a house in the future and recently received an inheritance of $18,000. You intend to use your inheritance as a down payment on your house.
- If you put your inheritance in an account that earns 88 percent interest compounded annually, how many years will it be before your inheritance grows to $33,000?
- If you let your money grow for 10.5 years at 88 percent, how much will you have?
- How long will it take your money to grow to $33,000 if you move it into an account that pays 44 percent compounded annually? How long will it take your money to grow to $33,000 if you move it into an account that pays 11 percent?
- What does all this tell you about the relationship among interest rates, time, and future sums?
- If you put your inheritance in an account that earns 88 percent interest compounded annually, how many years will it be before your inheritance grows to $33,000_______ years (Round to one decimal place.)
Please show your work, Thank you=)
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