Joe received a $1500 bonus. He decided to invest it in a 2-year certificate of deposit (CD) with an annual interest rate of 1.22% compounded daily. Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. Assume there are 365 days in each year. (a) Assuming no withdrawals are made, how much money is in Joe's account after 2 years? (b) How much interest is earned on Joe's investment after 2 years?

Answer rating: 100% (QA)

Given Principal amount P 1500 Annual interest rate r 122 or 00122 in decimal N... View the full answer