Mustafa is saving to buy a house. His goal is $600000. The interest rate is 4% compounded semi-annually, and his plan is to make deposits of $P at the end of every month for 4 years.

a) What is the effective monthly rate?

b) What is $P?

After 3 years, the interest rate changes to 5%.

c) How much money has he saved so far?

d) If he keeps on making the same monthly deposit, how much money will he have saved after 4 years?

e) If he still wants to save exactly $600000 by the end of 4 years, what should his monthly deposit be?

(Don't forget to include the future value of the money from part c) Please include an explanation on how it's done AND if a formula is used can you explain that too? (i want to see the steps on how this was done not just an answer)