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Vlad has a savings account that pays 3% p.a. effective. Two years ago, he deposited $500 into this account. He has decided to save money

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Vlad has a savings account that pays 3% p.a. effective. Two years ago, he deposited $500 into this account. He has decided to save money for a minor home renovation two years from now, which he estimates will cost $1,000 at that time. How much additional money does he need to invest into this account today in order to afford the renovation in 2 years

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