You just started your education at a university. You decide to work part-time since you plan to go on a trip to Europe when you graduate. Since you are working part-time while taking classes, you think that you can graduate in 5 years instead of 4. Assume that 5 years from today you will need €1,000 for the trip to Europe. You talk to a bank manager and learn that the interest rate is expected to be 8% per year.

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