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An investment with an initial deposit of $12,993 is growing at an interest rate of 3.22% compounded quarterly. Round all answers to two decimal places
An investment with an initial deposit of $12,993 is growing at an interest rate of 3.22% compounded quarterly. Round all answers to two decimal places if necessary.
1. Find the accumulated amount of the investment at the end of 3 years.
2. The interest rate changes to 4.85% compounded monthly after the first 3 years. Calculate the accumulated amount in this investment at the end of year 6.
3. Find the total amount of interest accumulated during the entire 6 years of the investment.
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