The Youngs are saving up to go on a family vacation in 5 years. They invest $2200 into an account with an annual interest rate of 1.45% compounded monthly. Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.
(a) Assuming no withdrawals are made, how much money is in the Youngs' account after 5 years?
$
(b) How much interest is earned on the Youngs' investment after 5 years?
$