SOLUTION: A company has a cash balance of $20,000. You place 40% of this cash into a money market account at an annual interest rate of 6% compounded quarterly for 5 years

SOLUTION: A company has a cash balance of $20,000. You place 40% of this cash into a money market account at an annual interest rate of 6% compounded quarterly for 5 years

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Question 1084868: A company has a cash balance of $20,000. You place 40% of this cash into a money market account at an annual interest rate of 6% compounded quarterly for 5 years
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
8000(1+(0.06/4))^(4*5) = 10774.84
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