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Question 1 Suppose you have decided to save some money to pay for a vacation

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Question 1 Suppose you have decided to save some money to pay for a vacation. You can afford to save R100 a month. At the beginning of every month, you put the money in a money market account which pays an 8% annual interest rate, compounded monthly. How much money will you have at the end of the 12th month? (7)