A small telecommunications company invested its 2010 net income of $539,900 in a savings account for 5 years and 1 months. Money

Question

A small telecommunications company invested its 2010 net income of $539,900 in a
savings account for 5 years and 1 months. Money was earning interest at a rate of
6.50% compounded monthly.
a. Calculate the amount it would have in this account at the end of the period.

b. Calculate the interest earned.

Kunduz · Accepted Answer

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