Find the value of $20,000 at the end of one year if it is invested in an account that has an interest rate of 4.95% and is compounded in accordance with the rules below.

a. compounded monthly

b. compounded daily(assuming a365-day year)

c. compounded quarterly

a. What is the value if the money is compoundedmonthly?

$

(Do not round until the final answer. Then round to the nearest cent asneeded.)