Question

Barbara Nelson invested $11,000 for a period of 2 years at an interest rate of 5.25% compounded annually.
Using the simple interest formula and compound interest, calculate the following. (Round your responses to the nearest cent if necessary.)


(a) The amount of interest earned in year 1:
$
(b) The value of the investment at the end of year 1:
$
(c) The amount of interest earned in year 2:
$
(d) The value of the investment at the end of year 2:
$