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Larry Smith, owner of a local Dunkin' Donuts, loaned $50,000 to Patrick Hammond to help open his bakery. Patrick plans to repay Larry at the
Larry Smith, owner of a local Dunkin' Donuts, loaned $50,000 to Patrick Hammond to help open his bakery. Patrick plans to repay Larry at the end of 5 years with a 6% interest compounded semi-annually. How much will Larry receive at the end of 5 years?(table 12.3)
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