Having earned a bonus at his work, Rick placed the money in an investment earning 5.61% compounded monthly. He withdrew $256 at the end of every month for the next 8 years. (a) What was the amount of the bonus? (b) If he made all of the withdrawals as planned, how much interest was paid?

 

(a)What is  the amount of the bonus ?

 

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

(b) Whati is the interest paid ?

 

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)