You have just deposited

$3,000

in an unusual bank account that pays interest biannually (once every 2 years). If the 2-year interest rate is

12%

(total interest over 2 years is

12%,

not

12%

per year), how much will you have in the account after 6 years?

Question content area bottom

Part 1

After 6 years, the amount you will have in the account is

$enter your response here.

(Round to the nearest cent.)