SOLUTION: John wins $700,000 (after taxes) in the lottery and decides to invest half of it in a 5-year CD that pays 5.24% interest compounded quarterly. He invests the other half in a money
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Question 1139085: John wins $700,000 (after taxes) in the lottery and decides to invest half of it in a 5-year CD that pays 5.24% interest compounded quarterly. He invests the other half in a money market fund that unfortunately turns out to average only 2.5% interest compounded annually over the 5-year period. How much money will he have altogether in the two accounts at the end of the 5-year period? Answer by josmiceli(19441) (Show Source):
