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QUESTION
To establish a "rainy day" cash reserve account, Bonanza Industries deposits $8,000 of its profit at the end of each 6 months into a money market...
To establish a "rainy day" cash reserve account, Bonanza Industries deposits $8,000 of its profit at the end of each 6 months into a money market account that pays 1.75% interest compounded semiannually. Do not round intermediate calculations. Round your answers to the nearest cent.
a. How much will the account be worth in 4 years?
b. How much will the account be worth in years?
