Solved: This account pays interest at the rate of 4 compounded, Accounting Basics

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This account pays interest at the rate of 4 compounded

Question - On January 1, 2011, John decides to start saving for a vacation trip. He begins making semiannual deposits of $400 to a special account on June 30, 2011. This account pays interest at the rate of 4%, compounded semiannually. How much will be in John's account on December 31, 2015, the end of 5 years?

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Accounting Basics: This account pays interest at the rate of 4 compounded

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