Today Dante and Sharon had their first child. All of the grandparents gave them money to help out, which added up to $23,000, and they are going to put this money into an education fund for their childs future. They are nervous about the stock market so theyve decided to put their money in a GIC which earns an interest rate of 2.6%, compounded monthly.

How much money will they have in the account by their childs 18^th birthday?

How much interest will be earned?