Question: You plan on saving $190 per month for a year in order to afford a new phone when it is released in a years time.

You plan on saving $190 per month for a year in order to afford a new phone when it is released in a years time. You will deposit $190 at the end of each month into a savings account that pays interest at 3%p.a. compounding monthly. How much will you have in the account at the end of one year?

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