Opened savings account with your first deposit

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You opened a savings account with your first deposit of $1,200 at the end of the first year. At the end of Year 2, you plan to deposit $500. You plan to deposit $2,000 at the end of Year 3, 4 and 5. The interest rate is a 4 percent nominal rate compounded semiannually. If you do as you plan, how much will you have in your account at the end of Year 7?

Reference no: EM131336687

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