Since the birth of her daughters 16 years ago, Solange has deposited $50 at the beginning of every month into an RESP. The interest rate on the plan was 4.8% compounded monthly for the first eight years and 4.2% compounded monthly for the next eight years. Calculate the value of the fund today (the end of a 16-year term). How much of this is interest?

AppendixLO1