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To establish a rainy day cash reserve account, a certain company deposits $14,000 of its profit at the end of each quarter into a money
To establish a "rainy day" cash reserve account, a certain company deposits $14,000 of its profit at the end of each quarter into a money market account that pays 1.65% interest compounded quarterly. (Round your answers to the nearest cent.)
(a)
How much (in $) will the account be worth in 2 years?
$
(b)
How much (in $) will the account be worth in 3
1 |
2 |
years?
$
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