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Justin Coffee has deposited $8,000 in a guaranteed investment account with a promised rate of 19.63% compounded semiannually. He plans to leave it there for

Justin Coffee has deposited $8,000 in a guaranteed investment account with a promised rate of 19.63% compounded semiannually. He plans to leave it there for 4 full years when he will make a down payment on a car after graduation.

How much of a down payment will he be able to make? How much of a down payment will Justin be able to make if compounded daily?

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