You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months.Time

in months Savings balance

0, $1600.00

1 $1628.80

2, $1658.12

3 $1687.97

4,$1718.35

5, $1749.28

The exponential model is

B(t) =16001.018^t

(c) What is the monthly interest rate? (Round your answer to one decimal place.)

%

(d) What is the yearly interest rate? (Round your answer to one decimal place.)

%

(e) Suppose that you made this investment on the occasion of the birth of your daughter. Your plan is to leave the money in the account until she starts college at age19. How large a college fund will she have? (Round your answer to the nearest cent.)

$

(f) How long does it take your money to double in value? (Round your answer to two decimal places.)

months

How much longer does it take it to double in value again? (Round your answer to two decimal places.)

months