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# inheritance as a down payment on your house.

You are hoping to buy a house in the future and recently received an inheritance of ​\$16000. You intend to use your inheritance as a down payment on your house. (I have already answered a and b they are correct) Need help with c and d. thank you.

a. If you put your inheritance in an account that earns 8 percent interest compounded​ annually, how many years will it be before your inheritance grows to ​\$34000​? 9.79 years

b. If you let your money grow for 10.5 years at 8 percent​, how much will you​ have? \$35897.93

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c. How long will it take your money to grow to ​\$34000 if you move it into an account that pays 4 percent compounded​ annually? How long will it take your money to grow to ​\$34000 if you move it into an account that pays 13 percent​? (my answer was 16.7 but it was wrong)

How long will it take your money to grow to ​\$34000 if you move it into an account that pays 4 percent compounded​ annually? _______years(Round to one decimal place)

d. What does all this tell you about the relationship among interest​ rates, time, and future​ sums?