Charlie Hebro intends to save for a house by making monthly deposits into a term savings account that earns interest at the rate 1.6% with interest compounded monthly. His budget allows him to save the monthly $950 starting at the end of this month.

a) What will his savings be if he follows his plan for 5 years?

b) If he receives an unexpected inheritance of $50,000 today which he deposits to start off his home savings, what will his total savings be at the end of the five years.