You have $1,500 to invest today at 7% interest compounded annually.

a.Find how much you will have accumulated in the account at the end of (1)5 years, (2) 10 years, and (3)15

years.

b.Use your findings in part a to calculate the amount of interest earned in (1) the first 5 years (years 1 to 5),

(2) the second 5 years (years 6 to 10), and (3) the third 5 years (years 11 to 15).

c.Compare and contrast your findings in part b. Explain how the amount of interest earned changes in each succeeding 5-year period.