To establish a "rainy day" cash reserve account, a certain company deposits $11,000 of its profit at the end of each quarter into a money market account that pays 1.85% interest compounded quarterly. (Round your answers to the nearest cent.) (a) How much (in $) will the account be worth in 4 years? $ (b) How much (in $) will the account be worth in 5 1 2 years? $
To establish a "rainy day" cash reserve account, a certain company deposits $11,000 of its profit at the end of each quarter into a money market account that pays 1.85% interest compounded quarterly. (Round your answers to the nearest cent.) (a) How much (in $) will the account be worth in 4 years? $ (b) How much (in $) will the account be worth in 5 1 2 years? $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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To establish a "rainy day" cash reserve account, a certain company deposits $11,000 of its profit at the end of each quarter into a money market account that pays 1.85% interest compounded quarterly. (Round your answers to the nearest cent.)
(a)
How much (in $) will the account be worth in 4 years?
$
(b)
How much (in $) will the account be worth in
5
years?1 |
2 |
$
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