Calculate the amount of money that will accumulate

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Reference no: EM131953602

Leslie? Mosallam, who recently sold her? Porsche, placed ?$8,600 in a savings account paying annual compound interest of 6 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 8 percent or one that pays 10 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 $8,600 in a savings account paying annual compound interest of 6%, the amount of money that will accumulate if Leslie leaves the money in the bank for 2 years is __? (round to the nearest cent).

Reference no: EM131953602

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