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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
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?
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