Lee holmes deposited 16000 in a new savings account at 7, Accounting Basics

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Lee holmes deposited 16000 in a new savings account at 7

Problem

Lee Holmes deposited $16,000 in a new savings account at 7% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $41,000 at 7% interest compounded semiannually.

At the end of 6 years, what is the balance in Lee's account?

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Accounting Basics: Lee holmes deposited 16000 in a new savings account at 7

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Accounting Basics: Lee holmes deposited 16000 in a new savings account at 7

Reference No:- TGS02697379

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