You are given:

• Fund X pays interest at an annual nominal interest rate of 6%, convertible monthly.
• Fund Y pays interest at a force of interest, t= 1/(t+12)
• Ron deposited P into each fund.
• At the end of twelve years, the accumulated value in fund X is 2,000 and the accumulated value in fund Y is Z.

Determine Z.

1. 1,950

2. 1,970

3. 2,000

4. 2,030

5. 2,050