(Related to Checkpoint 5-2) (Future value) Leslie Mosaitam, who recently sold her Porsche, placed $8,800 in a savings account paying annual compound interest of 4 percent. a. Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for 2.6, and 16 years) b. Suppose Leslie moves her money into an account that pays 6 percent or one that pays 8 percent. Rework part (a) using 6 percent and 8 percent c. What conclusions can you draw about the relationship between interest rates, time, and future sums from the calculations you just did? a. After placing 38,800 in a savings account paying annual compound interest of 4 percent, the amount of money that will accumulatif Leste leaves the money in the bank for 2 year(s)
Round to the nearesten If she leaves the money in the bank for 6 years, the amount of money that will accumulate is 5 11134.81 (Round to the nearest cent.) If she leaves the money in the bank for 16 years, the amount of money that will accumulate is $ 16482.23 (Round to the nearest cent.) b. If Leslie moves her money into an account that pays 6 percent compounded annually for 2 year(s) the amount of money that will accumulate is (Round to the nearest cent) Enter your answer in the answer box and then click Check Answer Activate Windows Go to Setti Check Awer Clear All 6 s parts remaining O Type here to search
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