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Cindy and Debbie are best friends and decide to pool their monthly savings

Accounting

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Cindy and Debbie are best friends and decide to pool their monthly savings. Each earns a salary of R24 000 and they each commit to savings of 12.5% of their respective salaries a month. If they can earn an interest rate of 5.25% annually compounded monthly, how much will they have saved after 8 years?