Someone decides to invest $16,000 in a money market fund that guarantees a 6.5% annual interest rate compounded daily for 7 years. A one-time fee of $65 is charged to set up the account. In addition, there is an annual administration charge of 1.2% of the balance in the account at the end of each year. (a) How much is in the account at the end of the first year? (b) How much is in the account at the end of the seventh year? What is the interest rate per period? (Type an integer or decimal rounded to six decimal places as needed.) (a) At the end of the first year, the account will have $ (Do not round until the final answer. Then round to the nearest cent as needed.) (b) At the end of the seventh year, the account will have $ (Do not round until the final answer. Then round to the nearest cent as needed.)