The Browns are saving up to go on a family vacation in 2 years. They invest S2600 into an account with an annual interest rate of 1.12% compounded quarterly.
Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.
(a) Assuming no withdrawals are made, how much money is in the Browns account after 2 years?
X
sI (b) How much interest is earned on the Browns' investment after 2 years?
sI