**24k bi-annually means 48k is deposited in one year

A bio research company wants to start a major project in eight years time using internal staff and expertise. They have decided to deposit a sum of $24,000 bi-annually into a high yielding fund that offers a nominal annual interest of 5% per annum compounded monthly. In addition to the regular savings, a lump sum of $40,000 will be deposited at the end of each year for the first 5 years. a) What will be the future balance in eight years time, before the project starts? b) What is the value of the balance in today's dollars? c) How can the company organize its workforce and what should they do so that they will be ready to make a full start with the project when the time comes