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OpenStudy (anonymous):
Merle opened a new savings account and deposited $40,000 at 10 percent compounded semiannually. At the start of the fourth year, Merle deposits an additional $20,000 that is also compounded semiannually at 10 percent. At the end of 6 years, what is the balance in Merle's account?
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OpenStudy (anonymous):
40,000(1+.10/2)+20,000(1+.10/2)^12=77,917.13 ?
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