Since the birth of his granddaughter, 16 years ago, Anna has deposited $250 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.50% compounded monthly for the first 8 years and 5.00% compounded monthly for the next 8 years.

a. What was the accumulated value of the RESP at the end of 8 years?

Round to the nearest cent

b. What was the accumulated value of the RESP at the end of 16 years?

Round to the nearest cent

c. What was the amount of interest earned over the 16-year period?

Round to the nearest cent