Jade is saving up to put down a deposit for a flat in Paris. She saves 200 euros (the equivalent of $241.40) every month for 5 years in a bank that pays interest at a rate of 2.5% compounded monthly a. Work out how much Jade has saved (in euros) at the end of the 5 years. The apartment she wants to buy costs 240 000 euros and she has to put down a deposit of 5%.

b. Work out if Jade has saved up enough for the deposit.