1. You can earn 6% p.a. interest on your money (compounded monthly). You wish to purchase a house in exactly 5 years, which you expect would then cost $240,000. You need to save up 50% of this amount as you can borrow the rest. What monthly amount would need to be saved to enable you to achieve your objective? Your first monthly deposit will be made one month from now, and your last deposit will be made on the day you purchase the house.