Jeff decides to start saving some money from this upcoming month onwards. He decides to save only $500 at first, but each month he will increase the...

1.  Jeff decides to start saving some money from this upcoming month onwards. He decides to save only $500 at first, but each month he will increase the amount invested by $100. He will do it for 60 months (including the first deposit of $500). Assuming his investments earn an interest rate of 5%, how much will Jeff have at month 61?