An investor is considering investing into a mutual fund. For a) and b), alculate the amount available after 20 years assuming that the investor reinvests all distributions. All funds considered generate a 10% annual return throughout the period and the amount invested annually is always $3000.

a) The first fund charges no fees on entry or exit or on an annual basis.

b) The second fund charges a 5% load fee so that only $2850 is actually invested in the fund every year