Show me the steps to solve Latoya received a
$1100
bonus. She decided to invest it in a
2
-year certificate of deposit (CD) with an annual interest rate of
1.14%
compounded monthly.
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 Latoya's account after
2
years?
$
(b) How much interest is earned on Latoya's investment after
2
years?