Question scenario has been provided below.

This are the question:

1) Given: L = $10000, M = $1000, R = 4%, find your savings in the plan after the first 24 months end.

2) Determine the lump sum received after you completed the whole plan.

Question 10 (14 marks) A nancial advisor suggests an investment plan for your consideration. I? is Your one-time initial investment is 351.. You put a xed monthly contribution of Mr! to the plan for 24 months. You will contribute to the plan on the last date of each month. The plan will pay you an annual interest rate of 16% compounded monthly during these 24 months. The interests will be deposited into your plan on the last date of each month. After 24 months of continuous investment, you can stop the monthly contributions and keep the money in the plan for additional 120 months. The plan will pay you an annual interest rate of (R +l)% compounded monthly during this period. When the investment plan is completed, you will receive an extra 5% of your total savings as a bonus. Let 3,, be the amount of money saved in the plan at the end of the 11'11 month, following the n"1 monthly contribution. You start to contribute on the last date of the rst month and pay the last monthly contribution at the end of the 24"1 month