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 88percent interest compoundedannually, how many years will it be before your inheritance grows to $30,000?

b.If you let your money grow for 10years at 88percent,how much will youhave?

c.How long will it take your money to grow to $30,000if you move it into an account that pays 33percent compoundedannually? How long will it take your money to grow to $30 comma 00030,000if you move it into an account that pays 11percent?

d.What does all this tell you about the relationship among interestrates, time, and futuresums?