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You have just deposited $5,000 in an unusual bank account that pays interest biannually (once every 2 years). If the 2-year interest rate is
You have just deposited $5,000 in an unusual bank account that pays interest biannually (once every 2 years). If the 2-year interest rate is 11% (total interest over 2 years is 11%, not 11% per year), how much will you have in the account after 6 years? After 6 years, the amount you will have in the account is $ (Round to the nearest cent.)
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International Money and Finance
Authors: Michael Melvin, Stefan C. Norrbin
8th edition
978-8131234136, 123852471, 978-0123852472
