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You are hoping to buy a house in the future and recentlyreceived an inheritance of ?$16,000 You intend to use yourinheritance as a down payment on your house.1.?If you put your inheritance in an account that earns 7percent interest compounded? annually, how many years will it bebefore your inheritance grows to $34,000?2.If you let your money grow for 10 years at 7 percent how muchwill you? have?3.How long will it take your money to grow to $34,000 if youmove it into an account that pays 5 percent compounded? annually?How long will it take your money to grow to $34,000 if you move itinto an account that pays13 percent??4.?What does all this tell you about the relationship amonginterest? rates, time, and future? sums?