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1 ince the birth of his daughter, 21 years ago, Anthony has deposited $125 at the beginning of every month into a Registered Education Savings
1 ince the birth of his daughter, 21 years ago, Anthony has deposited $125 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 5.60% compounded monthly for the first 9 years and 4.80% compounded monthly for the next 12 years. a. What would be the accumulated value of the RESP at the end of 9 years? Round to the nearest cent b. What would be the accumulated value of the RESP at the end of 21 years? Round to the nearest cent c. What is the amount of interest earned during the 21 year period? Round to the nearest cent 2 For 17 years, Janet saved $600 at the beginning of every month in a fund that earned 3.5% compounded annually. a. What was the balance in the fund at the end of the period? Round to the nearest cent b. What was the amount of interest earned over the period? Round to the nearest cent
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