Joe received a $1500 bonus. He decided to invest it in a 2-year certificate of deposit (CD) with an annual interest rate of 1.22% compounded daily. Assume there are 365 days in each year.
(a) Assuming no withdrawals are made, how much money is in Joe's account after 2 years?
(b) How much interest is earned on Joe's investment after 2 years?
