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You are working part-time and planning to deposit $5,000 each year of the next 5 years in a saving account which offers 2.5% per annum.

You are working part-time and planning to deposit $5,000 each year of the next 5 years in a saving account which offers 2.5% per annum. You currently have $500 in the account. How much will you have 5 years later?

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