16. SAVINGS A company has a bonus incentive for its employees. The company
pays employees an initial signing bonus of $1000 and invests that amount for
the employees. Suppose the investment earns 8% interest compounded
quarterly.
a. If an employee receiving this incentive withdraws the balance of the account
after 5 years, how much will be in the account?
b. If an employee receiving this incentive withdraws the balance of the account
after 35 years, how much will be in the account?