Time value of money: An amount of $12,000 is invested in a bank account for two and
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Time value of money:
An amount of $12,000 is invested in a bank account for two and a half years. The account pays interest of 6% per annum compounded monthly for the first 18 months, then at 7% per annum compounded monthly for a year. How much is in the account at the end of this time if no withdrawals are made?
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