Merle Fonda opened a new savings account. She deposited $40,…
Merle Fonda opened a new savings account. She 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, the balance in Merle’s account is: (Solve using the financial calculator. Select the best answer.)
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