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Determining the account interest rate

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1. Amy deposits $3000 into a money-market savings account which pays 4.8% compounded quarterly, and she make no withdrawals from or further deposits into this account for 3 years. How much money is in her account at the end of those 3 years?

2. Mrs. Meyers wants to retire in 10 years. She deposits $650.00 every three months into her retirement investment account. If the account's interest rate is 7.8% compounded quarterly, how much will she have at the end of 5 years, when 20 quarterly deposits of $650.00 have been made?

Reference no: EM131190396

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