(5) At the beginning of the year Kelly establishes a fund with a deposit of $1000. At the beginning of each month a health club withdraws a $24 fee. The fund earns a nominal rate of interest of 18% compounded monthly. Determine the amount in the fund at the end of the year. (Ans $877.93)

(a) Express the answer in terms of present value annuity symbols (that is, a or ).

(b) Evaluate numerically.