# You have invested money in a savings account that pays a fixed monthly interest on the account…

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 \$1622.40 2 \$1645.11 3 \$1668.14 4 \$1691.49 5 \$1715.17 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

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 \$1622.40 2 \$1645.11 3 \$1668.14 4 \$1691.49 5 \$1715.17 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 age17. How large a college fund will she have? (Round your answer to the nearest cent.)\$

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