For the past 10 years, M has deposited R40 at the end of each month in a savings bank paying 3% p.a. compounded semi annually. If the policy of the bank is to place each deposit at 3% p.a. simple interest on the first of each month and compound semi - annually, find the amount to M's credit? For the past 10 years, M has deposited R40 at the end of each month in a savings bank paying 3% p.a. compounded semi annually. If the policy of the bank is to place each deposit at 3% p.a. simple interest on the first of each month and compound semi - annually, find the amount to M's credit