Question: You intend saving $220 per month for a year in order to afford a new phone when it is released in a year's time. You

You intend saving $220 per month for a year in order to afford a new phone when it is released in a year's time. You will deposit $220 at the end of each month into a savings account that pays interest at 6%p.a. compounding monthly.

How much will you have in the account at the end of one year?

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