1. A young engineer decides to save for a down payment on a now car to be purchased 30 months from now. He decides to deposit $50 per month into a savings account that grows 0.5% interest per month (compounded monthly). He plans to make a series of 20 regular monthly deposits, with the first deposits scheduled for one month from today. After the 20th payment, the account will receive no mono deposits but will receive monthly interest compounded on the balance at the end of each month for another 10 months. How much will be in the account at the end of the 30 month period