Solve by using formulas. (Round your answer to the nearest cent.)

Present value (in $) of an annuity due

Annuity Payment	Payment Frequency	Time Period (years)	Nominal Rate (%)	Interest Compounded	Present Value of the Annuity
$1,200	every year	5	5.9	annually	$ __________

To establish a "rainy day" cash reserve account, a certain company deposits $12,000 of its profit at the end of each quarter into a money market account that pays 1.85% interest compounded quarterly. (Round your answers to the nearest cent.)

(a)

How much (in $) will the account be worth in 4 years?

(b)

How much (in $) will the account be worth in 5.5

$ years?