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

a. Find how much you will have accumulated in the account after

(1) 3 years, (2) 6 years, and (3) 9 years.

b. Use findings in part a to calculate the amount of interest earned in

(1) the first 3 years (years 1 to 3), (2) the second 3 years (years 4 to 6), and (3) the third 3 years (years 7 to 9).

c. Compare and contrast your findings in part b. Explain why the amount of interest earned increases in each succeeding 3-year period.