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

Algebra ->  Finance -> 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      Log On


   

Question 1084867: 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) About Me  (Show Source):
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8000(1+(0.06/4))^(4*5) = 10774.84