Patricia and Louie have dreamed of a European vacation for years at a cost between $10 000 and $12 000. They plan to leave on April 4, 2015, for a month of backpacking. They decided that the Canada Savings Bonds Payroll Savings Program was the most convenient and painless way of saving for the vacation. Both of their employers offer the program, so Patricia and Louie signed up for deductions starting on April 1, 2014, at $500 and $550, respectively, to be deposited at the beginning of each month. The April 2014, Canada Savings Bonds pay 0.50% simple interest for the first year, calculated on the highest balance for each month. How much can they save toward their vacation if they both redeem their saving bonds on March 31, 2015?