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Jim began saving money for his retirement by making monthly deposits of 400 into a fund earning an annual nominal 3% interest compounded monthly. The

Jim began saving money for his retirement by making monthly deposits of 400 into a fund earning an annual nominal 3% interest compounded monthly. The first deposit occurred on January 1, 2005. If Jim missed making deposits 48 through 60. He then continued making monthly deposits of 400. How much did Jim accumulate in his fund on December 31, 2014?

* DO NOT USE EXCEL *

*The answer I received was $49,889. May or may not be the right answer.*

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