Question

In: Finance

 Leslie​ Mosallam, who recently sold her​ Porsche, placed ​$10 comma 20010,200 in a savings account paying...

 Leslie​ Mosallam, who recently sold her​ Porsche, placed

​$10 comma 20010,200

in a savings account paying annual compound interest of

77

percent.a.  Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for

22​,

66​,

and

1616

​year(s).b.  Suppose Leslie moves her money into an account that pays

99

percent or one that pays

1111

percent.

Rework part

​(a​)

using

99

percent and

1111

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

​$10 comma 20010,200

in a savings account paying annual compound interest of

77

percent​,

the amount of money that will accumulate if Leslie leaves the money in the bank for

22

​year(s) is

​$nothing.

​(Round to the nearest​ cent.)

Solutions

Expert Solution

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

jeff jeffy answered 1 year ago
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