Leslie Mosallam, who recently sold her Porsche, placed $10, 600 in a saving account paying annual compound interest of 5 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 7 percent or one that pay 9 percent. Rework part(a) using 7 percent and 9 percent.
c. What conclusions can you draw about the relationship between interest rates, time, and future sums from the calculation you just did?
a. After placing $10, 600 in a savings account paying annual compound interest of 5 percent, the amount of money that will accumulate if Leslie leaves the money in the bank for 2 year(s) is $. (Round to the nearest cent.)