Time value You have $1,500 to invest today at 7% interest compounded annually.a. Find how much you will have accumulated in the account after (1) 3 years, (2) 6years, and (3) 9 years.
b. Use your findings in part a to calculate the amount of interest earned in (1) thefirst 3 years (years 1 to 3), (2) the second 3 years (years 4 to 6), and (3) the third3 years (years 7 to 9).Interest Earned = (Accumulated in 3 years) - (Initial Principal)
c. Compare and contrast your findings in part b. Explain why the amount of interestearned increases in each succeeding 3-year period.