Suppose that on January 1, 2016, you place ($1,000) into an account that earns 5% interest and

Question:

Suppose that on January 1, 2016, you place $$1,000$ into an account that earns 5% interest and interest compounds each year. You plan to withdraw $$300$ at the beginning of 2017, but you will invest another $$1,000$ at the beginning of 2018. What will be the account balance at the end of 2018?

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