Since the birth of his daughter, 18 years ago, Samuel has deposited $160.00 at the beginning of every month into an RESP. The interest rate on the plan was 4.70% compounded monthly for the first 8 years and 5.70% compounded monthly for the next 10 years. a. Calculate the value of the fund today (the end of a 18-year term).   Round to the nearest cent b. How much of this is interest?   Round to the nearest cent

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Since the birth of his daughter, 18 years ago, Samuel has deposited $160.00 at the beginning of every month into an RESP. The interest rate on the plan was 4.70% compounded monthly for the first 8 years and 5.70% compounded monthly for the next 10 years.
a. Calculate the value of the fund today (the end of a 18-year term).
 
Round to the nearest cent

b. How much of this is interest?

 
Round to the nearest cent
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