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?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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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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