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You placed $1,616 in a savings account today that earns an annual interest rate of 11.79 percent, compounded semiannually. How much will you have in

You placed $1,616 in a savings account today that earns an annual interest rate of 11.79 percent, compounded semiannually. How much will you have in this account at the end of 7 years? Assume that all interest received at the end of the period is reinvested the next period.

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Contemporary Financial Management

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