Johan recently received his annual performance bonus from his employer. He has set up an investment savings plan to which he will contribute $2000 each year from his bonus and $400 per month from his regular salary. Johan will make his initial contributions of $2000 and $400 today. Rounded to the nearest dollar,
a. What will the plan be worth after 25 years if it earns 7.5% compounded monthly?
b. HowmuchdidJohan’scontributionsearnduringthe25years?