Please show the work to the following question:
You have $1,500 to invest today at 7% interest compounded annually.
a) Find out how much will you have accumulated in the account at the end of number of
1. 3 years
2. 6 years
3. 9 years b)
Use your findings in part a to calculate the amount of interest earned in
1. the first 3 (years 1to 3)
2. the second 3 years (years 4 to 6)
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.