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Not quite sure I got it exactly right, but I'm getting 48,049.
For excel, you need four columns: 1) Year (1, 2, 3, 4..... to 20) 2) Starting amount (0 in year 1, ending amount from previous year thereafter) 3) Deposit (1200 in year 1, 1.03*previous deposit thereafter) 4) Ending amount ((starting amount + deposit)*1.04)
For the first row, you have year = 1, start = 0, deposit = 1200, end = (0+1200)*1.04 = 1248.
Every row after that, year = prev year + 1, start = prev end, deposit = (prev deposit)*1.03, end = (start+deposit)*1.04.
With those parameters, you have 48,049 after 20 years.
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