Cathy wants to have $23,000 in cash 4 years from now in order to
pay for improvements that must be made to her small office at that
time. If Cathy finds a savings account that pays annual interest of
4.4% compounded monthly, then how much should she invest right now
in the account in order to have the funds in 4 years? (Round your
answer to the nearest cent.)
$
Second National Bank offers an account that earns 5.33% per
year, compounded continuously. If a person invests $15,000 in this
account, what will be the value of the account at the end of 10
years? (Round your answer to the nearest cent.)
$
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