A grandmother opened a savings account for her granddaughter on the day she was born and deposited $1000. Each year on her birthday, she deposited $1000 until her granddaughter's 16th birthday (she did not make a deposit on the 16th birthday). If the account earned 4.38% compounded daily, how much was in the account on her granddaughter's 21st birthday and what was the interest earned?

AppendixLO1