24 Jul EXPLAIN WHY THE AMOUNT OF INTEREST EARNED INCREASES IN EACH SUCCEEDING 3-YEAR PERIOD.
You have $1500 to invest today at 7% interest compo Show more Please show the work to the following question: You have $1500 to invest today at 7% interest compounded annually. a) Find out how much will you have accumulated in the account at the end of number of 1. 3 years 2. 6 years 3. 9 years b) Use your findings in part a to calculate the amount of interest earned in 1. the first 3 (years 1to 3) 2. the second 3 years (years 4 to 6) 3. the third 3 years (years 7 to 9) c) Compare and contrast your findings in part b. Explain why the amount of interest earned increases in each succeeding 3-year period. Show less
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