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For the past seven years, a manager has paid $500 every 6 months for a software...

For the past seven years, a manager has paid $500 every 6 months for a software maintenance contract. What is the equivalent amount at the end of year 7, if the funds are taken from a pool that returns 10% per year (nominal interest), compounded quarterly? Note that the payment period is 6 months and compounding period is 1 quarter.

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