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Leslie McCormack is in the spring quarter of her freshman year of college. She and her friends already are planning a trip to Europe after
Leslie McCormack is in the spring quarter of her freshman year of college. She and her friends already are planning a trip to Europe after graduation in a little over three years. Leslie would like to contribute to a savings account over the next three years in order to accumulate enough money to take the trip. Assume an interest rate of 4%, compounded quarterly. (FV of \$1. PV of \$1. EVA of \$1. PVA of \$1. FVAD of \$II and PVAD of \$1) (Use appropriate factor(s) from the tables provided.) How much will Leslie accumulate in three years by depositing $500 at the beginning of each of the next 12 quarters? (Round your final answers to nearest whole dollar amount.)
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