Taylor deposits $500 at the beginning of each month for five years in a fund earning an annual effective rate of interest of 5.4%. The interest from this fund is paid out annually, and can only be reinvested at a nominal interest rate of 4% convertible quarterly.

Find the accumulated value of Taylors investments at the end of seven years.

Write down Taylors yield equation for the seven-year period, using the annual yield rate. You do not need to solve the equation