Carlos has accumulated $45,000 in a mutual fund. If he continues to deposit $500 at the beginning of every month from his salary into the fund for the next 8 years, how much money will he have at the end of 8 years if the fund earns 3.75% compounded monthly? Please include a well-labelled timeline diagram. Full solutions should be shown on separate sheets of paper. Submit your solutions. Answer: Round to the nearest cent