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 1.95% interest compounded quarterly. (For each answer, enter a number. Round your answers to the nearest cent.) How much (in $) will the account be worth in 2 years? How much (in $) will the account be worth in (3 1⁄2) years?
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 1.95% interest compounded quarterly. (For each answer, enter a number. Round your answers to the nearest cent.) How much (in $) will the account be worth in 2 years? How much (in $) will the account be worth in (3 1⁄2) years?
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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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 market account that pays 1.95% interest compounded quarterly. (For each answer, enter a number. Round your answers to the nearest cent.)
How much (in $) will the account be worth in 2 years?
How much (in $) will the account be worth in (3 1⁄2) years?
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