Today you are just notified that you won a prize that gives you a total...
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Finance
Today you are just notified that you won a prize that gives you a total of 7 cash awards of $3,000 each, one every 6 months with the first award being made today. You decide to save each of them in the bank and after the last cash award keep all the money saved until a future date. The bank pays a nominal interest rate of 12% but uses semiannual compounding. How much your account with the bank be if you leave the money in the bank to be withdrawn all in 9 years from today?
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