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How much will thomas have saved up at the end of third year

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Problem 1: Thomas needs to save up $40,000 in three years' time to purchase a new car. If Thomas deposits $1,000 per month at the end of each month into a bank account paying interest of 9% per annum compounding monthly how much will Thomas have saved up at the end of the third year? Calculate the amount of excess or shortfall if the amount saved up is not exactly $40,000.

Reference no: EM132918521

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