Related to Checkpoint​ 5.2) ​(Future value) Leslie​ Mosallam, who recently sold her​ Porsche, placed ​$8600 in a savings account paying annual compound interest of 7 percent.
a. Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for ​3,7​, and ​17 year(s).
b. Suppose Leslie moves her money into an account that pays 9 percent or one that pays 11 percent. Rework part ​(a​) using 9 percent and 11 percent.
c. What conclusions can you draw about the relationship between interest​ rates, time, and future sums from the calculations you just​ did? Question content area bottom
a. After placing ​$8600 in a savings account paying annual compound interest of 7 percent​, the amount of money that will accumulate if Leslie leaves the money in the bank for ​3 year(s) is ​$ enter your response here. ​(Round to the nearest​cent.)
If she leaves the money in the bank for 7 ​years, the amount of money that will accumulate is ​$ enter your response here.​(Round to the nearest​ cent.)
If she leaves the money in the bank for 17 ​years, the amount of money that will accumulate is ​$ enter your response here. ​(Round to the nearest​ cent.)
b. If Leslie moves her money into an account that pays 9 percent compounded annually for 3 ​year(s), the amount of money that will accumulate is ​$ enter your response here.​(Round to the nearest​ cent.)
If Leslie moves her money into an account that pays 9 percent compounded annually for 7 ​years, the amount of money that will accumulate is ​$ enter your response here. ​(Round to the nearest​ cent.)
If Leslie moves her money into an account that pays 9 percent compounded annually for 17 years, the amount of money that will accumulate is ​$enter your response here. (Round to the nearest​ cent.)
If Leslie moves her money into an account that pays 11 percent compounded annually for 3
year(s), the amount of money that will accumulate is enter your response here.
​(Round to the nearest​ cent.)
If Leslie moves her money into an account that pays 11 percent compounded annually for 7 years, the amount of money that will accumulate is
​$enter your response here.
​(Round to the nearest​ cent.)
Part 9
If Leslie moves her money into an account that pays
11
percent compounded annually for
17
​years, the amount of money that will accumulate is
​$enter your response here.
​(Round to the nearest​ cent.)
Part 10
c. What conclusions can you draw about the relationship between interest​ rates, time, and future sums from the calculations you just​ did? There is a▼positive /negative
relationship between the interest rate used to compound a present sum and the future value of that sum. There is a
positive/negative relationship between the number of years for which the compounding continues and the future value of that sum. ​(Select from the​ drop-down menus.)