What will be the accumulated value of an ordinary annuity if contributions of $500 every month are made for six years? Assume that money is worth 5.14% compounded monthly for the first two years, followed by 2.44% compounded monthly for the next four years.

Please include a well-labelled timeline diagram. Full solutions should be shown on separate sheets of paper. Submit your solutions.

Accumulated Value =$ Accumulated Value =$

Round your answer to two decimal places.