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Business, 14.02.2020 20:13 Drax152

(Related to The Business of Life: Saving for Your First House) (Future value) You are hoping to buy a house in the future and recently received an inheritance of $18 comma 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 9 percent interest compounded annually, how many years will it be before your inheritance grows to $32 comma 000? b. If you let your money grow for 9.75 years at 9 percent, how much will you have? c. How long will it take your money to grow to $32 comma 000 if you move it into an account that pays 4 percent compounded annually? How long will it take your money to grow to $32 comma 000 if you move it into an account that pays 12 percent? d. What does all this tell you about the relationship among interest rates, time, and future sums?

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