Bank pays a nominal interest rate

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Non Annual Compounding It is now January 1. You plan to make a total of 5 deposits of $100 each, one every 6 months, with the first payment being made today. The bank pays a nominal interest rate of 12% but uses semiannual compounding. You plan to leave the money in the bank for 10 years. How much will be in your account after 10 years? Round your answer to the nearest cent.

Reference no: EM13976127

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