Peyton received a graduation gift from his grandparents of $12,700. He does not need the money for the first year of college. So he decided to
invest the money in a high interest savings account. If he puts all the
money in a high interest savings account paying 8.8% interest
compounded semiannually. Suppose that he does not need the money for
his sophomore year, so he leaves the money in his account one more year.
What will the value of the account be at that time?
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