Lionel saved $280 at the end of every month for 8 years in his bank account that earned 3.70% compounded monthly.

a. What is the accumulated value of his savings at the end of the period?

$30,850.90

$31,226.03

$212,472.52

$4,346.03

b. What is the interest earned over the period?

$4,066.03

$31,226.03

$4,626.03

$4,346.03