1. Jane Smith decides she is going to begin a savings program and begins to save $2,000 per year. She deposit the monies into an interest bearing account (8%) each January 1^st beginning in 1980 and continues to make a total of 12 deposits each Jan 1^st. At which time she no longer makes contributions but she continues to let here savings accumulate until 2010.

How much did she deposit into her saving program?

How much is it worth on Jan 1^st 2010?