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please solve and explain y you have w ide wouay 10 endow the scholarship! 48. You have just deposited $1000 in an unusual bank account

please solve and explain
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y you have w ide wouay 10 endow the scholarship! 48. You have just deposited $1000 in an unusual bank account that pays interest biannu- ally (once every 2 years). If the 2-year interest rate is 8% (total interest over 2 years is 8%, not 8% per year), how much will you have in the account after 6 years

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