Jarmila borrowed $3000, $3500, and $4000 from her grandmother on December 1 in each of three successive

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Jarmila borrowed $3000, $3500, and $4000 from her grandmother on December 1 in each of three successive years at college. They agreed that interest would accumulate at the rate of 4% com- pounded semiannually. Jarmila is to start repaying the loan on June 1 following the third loan. What consolidated amount will she owe at that time?
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