To establish a "rainy day" cash reserve account, a certain company deposits $12,000 of its profit at the end of each quarter into a money market account that pays 1.95% interest compounded quarterly....


To establish a "rainy day" cash reserve account, a certain company deposits $12,000 of its profit at the end of each quarter into a money market account that pays 1.95% 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 1/2years?


$




Jun 07, 2022
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