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A year ago, you put $1000 in a savings account. The interest rate for one year was 6 percent. The inflation rate during that year was 4 percent. How much money would you need at the end of the year to buy what you bought a year ago with $1000?

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A year ago, you put $1000 in a savings account. The interest rate for one year was 6 percent. The inflation rate during that year was 4 percent. How much money would you need at the end of the year to buy what you bought a year ago with $1000?






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