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How much your account with the bank be

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Question - Today you are just notified that you won a prize that gives you a total of 8 cash awards of $2,000 each, one every 6 months with the first award being made today. You decide to save each of them in the bank and after the last cash award keep all the money saved until a future date. The bank pays a nominal interest rate of 12% but uses semiannual compounding. How much your account with the bank be if you leave the money in the bank to be withdrawn all in 10 years from today?

Reference no: EM133108563

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