You are saving money to buy a house. You will need RM8,000 to make the down payment. If you are able to deposit RM500 per month in a savings account which pays 1% per month, how long will it take you to save RM8,000? Ali is planning for his son's future education, and he has estimated he will require RM60,000 six years from today. Calculate the amount that he needs to save for every year for six years if he earns an 12% semi-annually return on his deposit