Ravi received a $1100 bonus. He decided to invest it in a 5-year certificate of deposit (CD) 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 Ravi's account
after 5 years?

(b) how much interest is earned on Ravi’s investment after 5 years