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Today, you opened up a local bank account. Your plan is to make five $1,000 contributions...

Today, you opened up a local bank account. Your plan is to make five $1,000 contributions to this account. The first $1,000 contribution will occur today and then every 6 months you will contribute another $1,000 to the account. The bank account pays 6% nominal annual interest, and the interest is compounded monthly. After 2 years, you plan to leave the money in the account earning interest, but you will not make further contributions to the account. How much will you have in the account 6 years from today?

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