Since the birth of his daughter, 16 years ago, Erica has deposited $160.00 at the beginning of every month into an RESP. The interest rate on the plan was 4.60% compounded monthly for the first 8 years and 5.10% compounded monthly for the next 8 years.

a. Calculate the value of the fund today (the end of a 16-year term).

Round to the nearest cent

b. How much of this is interest?

Round to the nearest cent