Mike is a first year university student who is trying to understand his financial situation. Mike currently lives 1.5 miles away from campus. He works part time in a retail centre that pays him £800 per month. Mike saves £200 out of the part time job pay for his further education plan. 4.Assuming Mike is saving the same amount per month in the next 3 years. How much does Mike get for his saving after 3 years, if his saving account pays simple interest rate 3% per annum?

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