An individual is 43 years old. At the end of each month, he deposits $300 in a retirement account that pays 5.18% interest compounded monthly. (a) After 8 years, what is the value of the account? (b) If no further deposits or withdrawals are made to the account, what is the value of the account when the individual reaches age 65 ? (a) For the first 8 years, the individual's deposits form an because the deposits are made at the of each period. Therefore, the formula should be used. After 8 years, the account to behave as an annuity and formula should be used. After 8 years, the value of the account will be $ (Do not round until the final answer. Then round to the nearest cent as needed.) (b) When the individual reaches age 65 , the value of the account will be $ (Do not round until the final answer. Then round to the nearest cent as needed.)