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You invest $15,000 in a money market account that guarantees a 5.5% annual interest rate compounded monthly for 5 years. A one time fee of
You invest $15,000 in a money market account that guarantees a 5.5% annual interest rate compounded monthly for 5 years. A one time fee of $25.00 is charged to set up the account. Additionally, there is an annual administrative charge of 1.25% of the balance in the account at the end of each year. How much is in the account at the end of the first year? how much is in the account at the end of the fifth year?
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