Question: You deposit $ 1 , 0 0 0 into an account every six months to help with your down payment savings for a home. How

You deposit $

1, 000

into an account every six months to help with your down payment savings for a home. How much will you have at the end of seven years if the account has a monthly compound annual percentage rate of

14 % ? (

Tip: first figure out the effective semiannual interest rate.

)

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