Question: Tim has been saving for a down payment on a car. He invested $4,000 in an account earning 2.5% interest compounded semi-annually. After 7 years,

Tim has been saving for a down payment on a car. He invested $4,000 in an account earning 2.5% interest compounded semi-annually. After 7 years, he is ready to buy his new car. How much does he have in his account for a down payment?

Round your answer to the nearest cent. Do NOTround until you have calculated the final answer.

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