After graduating from High School Peter works for four years. During this time he deposits each month R 1000 on a savings account at an annual interest rate of 5% (no initial deposit). The next four years Peter spends on College. During this time he withdraws each month an amount of R pw from his savings account so that at the end of the four years the balance is zero again. Develop a mathematical model then find pw and the total interest earned.
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