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 1.55% 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 $ years?

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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 1.55% 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
Transcribed Image Text: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 1.55% 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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