In three years, Bernie Slight wants to have $13,000 for a down payment on a house. He
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In three years, Bernie Slight wants to have $13,000 for a down payment on a house. He is going to save some of his salaries each year for the next 4 years. At the end of each year, he will deposit the money into an account paying 8% interest. Because his salary is increasing, he plans on doubling his savings each year. How much will he need to save this first year to achieve his goal?
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