Your Grandmother at the start of your University Education gave you $10,000 which was deposited in a

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Question:

Your Grandmother at the start of your University Education gave you $10,000 which was deposited in a deposit account, where the interest is payable semi-annually and added to the principal balance. Calculate the value of this gift if you plan to graduate in 3 years and annual interest rates are at 7% percent and expected to remain at this level over the 3 years.