The new phone you want to buy will cost $1,300 when it is released in a years time. You have just inherited some money and rather than saving $108 per month, you intend placing some of what you have inherited into the savings account that pays 6%p.a. compounding monthly. How much will you need to deposit today so that you will have exactly $1,300 in one years time? (note that answers have been rounded to the nearest 10c).