Example 2Assume that John deposits $500 at the end of each year for four years at an interest rate of 5% compounded annually. He then makes no new payments, but leaves the funds in his account for the next three years, earning an interest rate of 6% compounded semi-annually. Find the amount in the account at the end of seven years. Note that the first four payments involve finding the future value of an annuity. The future value of the annuity is then treated as a single lump sum payment earning interest for the next three years