A petrochemical company made its first deposit of $1000 into an investment fund, and thereafter increased the size of the payments by 2% every month. The deposits are made at the end of every month for five years and the investment fund was growing at 6% compounded semi-annually.

a. What was the accumulated value in the fund at the end of the annuity term?

b. What was the total amount of interest earned?

AppendixLO1