Asked by Brian

The manager of a money market fund has invested $4.2 million in certificates of deposit that pay interest at the rate of 5.4%/year compounded quarterly over a period of 5 years. How much will the investment be worth at the end of 5 years?
Answered by Steve
in millions,

4.2(1+.054/4)^(4*5)
Answered by Michelle
$5.491921.88
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