You have $1,500 to invest today at 7?% interest compounded annually.
a. Find how much you will have accumulated in the account at the end of? (1)5 years, (2) 10 years, and? (3)15 years.
b. Use your findings in part a to calculate the amount of interest earned in? (1) the first 5 years? (years 1 to 5?), ?(2) the second 5 years? (years 6 to 10?), and? (3) the third 5 years? (years 11 to 15?).
c. Compare and contrast your findings in part b. Explain how the amount of interest earned changes in each succeeding 5-year period.