Question: Time value Personal Finance Problem You have $1,800 to invest today at 6% interest compounded annually.
a. Find how much you will have accumulated in the account at the end of (1) 3 years, (2) 6 years, and (3) 9 years.
b. Use your findings in part a to calculate the amount of interest earned in? (1) the first 3 years? (years 1 to 3?), ?(2) the second 3 years? (years 4 to 6), and (3) the third 3 years (years 7 to 9).
c. Compare and contrast your findings in part b. Explain how the amount of interest earned changes in each succeeding 3-year period.