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How much will the account be worth in four years

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Reference no: EM133164502

Question - 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 1.55% interest compounded quarterly.

Required -

(a) How much (in $) will the account be worth in 4 years?

(b) How much (in $) will the account be worth in 5½ years?

Reference no: EM133164502

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