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You have got a job offer and will start working from next month. You're well aware of the importance of savings, hence you decide to

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You have got a job offer and will start working from next month. You're well aware of the importance of savings, hence you decide to start saving a monthly amount of AED 2,000 right from the first month. You thought of contributing this saving amount to a Government Savings Plan which states an annual interest rate of 12%, compounded monthly. How much would you be able to accumulate after 12 years. Show your calculation. If you have used a calculator, write the steps that you followed while calculating the answer. (2.5 Marks)

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