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You plan to make five deposits of $ 1 , 3 7 5 each, one every 6 months, with the first payment being made in
You plan to make five deposits of $ each, one every months, with the first payment being made in months. You will then make no more deposits. If the bank pays nominal interest, compounded semiannually, how much will be in your account after years?
$
Note: Please use at least decimal places in your answer. Also, please use decimal places throughout your calculations. This will help to mitigate any issues due to rounding.
Hint: Draw a timeline. Place the deposits on the timeline and then place a question mark on the timeline to designate the value you want to find, ie account balance in years. This is a twopart problem.
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