Elwood invested 55,000 in a money market account and has been tracking Its progress. He found that after 3 years, the account held $7,100 and after 8 years, the account held $10,350. Use this information to complete the statements.

Over the first 3 years, the value of the account increased at. Over the last 5 years. Over the entire 8 years, the value of the account increased at an average rate of approximately $ annually.