2011 NJC Q5 [Modified]
A university student has a goal of saving at least $\$1 000 000$ (in Singapore dollars). He begins working at the start of the year 2019. In order to achieve his goal, he saves $40\%$ of his annual salary at the end of each year. If his annual salary in the year 2019 is $\$40800$ and it increases by $5\%$ (of his previous year’s annual salary) every year, find
(i)
his saving at the end of the year 2027 (to the nearest dollar),
[2]
(ii)
his total savings at the end of $n$ years.
[2]
(iii)
What is the minimum number of complete years for which he has to work in order to achieve his goal?
[3]
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