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Interest rate on savings account

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You would like to start saving for an overseas holiday. You can afford to save $1,000 per year from your casual work (with the first amount to be invested in exactly 1 year). You plan to go on the holiday in exactly 4 years. The interest rate on your savings account is expected to be 4.8% per year (compounded yearly). Calculate how much you can expect to spend on your holiday in 4 years (to the nearest dollar).

Reference no: EM133120240

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