Calculate the amount of money that will accumulate if


Leslie Mosallam, who recently sold her Porsche, placed $10, 600 in a saving account paying annual compound interest of 5 percent.

a. Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for 2, 6 and 16 year(s).

b. Suppose Leslie moves her money into an account that pays 7 percent or one that pay 9 percent. Rework part(a) using 7 percent and 9 percent.

c. What conclusions can you draw about the relationship between interest rates, time, and future sums from the calculation you just did?

a. After placing $10, 600 in a savings account paying annual compound interest of 5 percent, the amount of money that will accumulate if Leslie leaves the money in the bank for 2 year(s) is $. (Round to the nearest cent.)

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Financial Management: Calculate the amount of money that will accumulate if
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