Question
1. Lucy deposited $1,300 at the end of every month into an RRSP for 9 years. The interest rate earned was 4.50% compounded semi-annually for
1. Lucy deposited $1,300 at the end of every month into an RRSP for 9 years. The interest rate earned was 4.50% compounded semi-annually for the first 3 years and changed to 4.75% compounded monthly for the next 6 years. What was the accumulated value of the RRSP at the end of 9 years? ( pls give me solution too )
2. While buying a new car, Helen made a down payment of $1,100.00 and agreed to make month-end payments of $290.00 for the next 3 years and 5 months. If she was charged an interest rate of 1.00% compounded quarterly for the entire term, answer the following, rounding to the nearest cent.
a. What was the cost of the car when Helen purchased it?
b. What was the total amount of interest paid over the term?
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