House in the future and recently received an inheritance

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Future Value. You are hoping to buy a house in the future and recently recieved an inheritance of $22,000. You intend to use your inheritance as a down payment on your house. a. If you put your inheritance in an account that earns 8 percent interest compounded annually, how many years will it be before your inheritance grows to $32,000? b. If you let your money grow for 10.25 years at 8%, how much will you have? c. How long will it take to grow to $32,000 if you move into an account that pays 4% compounded annually? d. How long will it take to grow to $32,000 if you move into an account that pays 12% compounded annually?

Reference no: EM131347188

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House in the future and recently received an inheritance : Future Value. You are hoping to buy a house in the future and recently recieved an inheritance of $22,000. You intend to use your inheritance as a down payment on your house. How long will it take to grow to $32,000 if you move into an account that p..

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