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How much will he have at the end of year

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Question - Frederick is saving for a car he is planning to buy in 3 years. He currently does not have any money saved but he has a plan to save $400 each month.

If Frederick puts the money in the piggy bank he keeps on his dresser, how much will he have at the end of 1 year?

How much will he have at the end of 2 years?

How much will he have at the end of 3 years?

If Frederick invests the money with a growth rate of 4.5% annually (compounded monthly), how much will he have at the end of 1 year?

How much will he have at the end of 2 years?

How much will he have at the end of 3 years?

Reference no: EM132567197

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