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Upon starting his first job after graduation, Jon has completed the necessary paperwork to set up direct deposit of his paycheck into his savings account.

  1. Upon starting his first job after graduation, Jon has completed the necessary paperwork to set up direct deposit of his paycheck into his savings account. John deposit $4,000 each month into his savings account. If John started with no other savings, how much will John have in his savings account at the end of 12 months if he is able to earn an annual interest rate of 3%?

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