You are saving for a trip to South America that you hope to take in $2$ years. You want to have $$8,000$ saved up by then.

Currently, your bank is offering you $\frac{2\mathrm{.}5}{\frac{?}{?}}\%$ interest compounded monthly.

a$)$ How much do you needing pit in the account today in order to have your desired amount in $2$ years? What would be

your total interest earned?

b$)$ How much would you need to put away if you put money away monthly instead $($ie$,$ what would your monthly

payments be$)$ in order to have your desired amount in $2$ years? What would be your total interest earned?

c$)$ Which of the two options would you choose, and why?