You are hoping to buy house in the future in recently received an inheritance of $16,000. 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% interest compounded annually, how many years will it be before your inheritance grows to $31,000?
b. If you let your money grow for 10.25 years at 9%, how much will you have?
c. How long will it take your money to grow at $31,000 if you move it into an account that pays 3% compounded annually? How long will it take your money to grow to $31,000 if you move into an account that pays 12%?
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a. If you put your inheritance in an account that earns 8% interest compounded annually, how many years will it be before your inheritance grows to $35,000? ______ years.
b. If you let your money grow 10.25 years at 9%, how much will you have? $________.
c. How long will it take your money to grow to $31,000 if you move it into an account that pays 3% compounded annually? _________years.
How long will it take your money to grow to $31,000 if you move it into an account that pays 12%? ________ years.