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3. Instead of your daily trip to the coffee shop, you will instead deposit $120 every month into your savings account earning 1.2% compounded monthly.

3. Instead of your daily trip to the coffee shop, you will instead deposit $120 every month into your savings account earning 1.2% compounded monthly. (a) How much will you have saved if you start saving one month from today and continue for 5 years? (b) How much interest will you gain in total over the 5 years? (Hint: How much did you deposit in total?)

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