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1. Ralph Bogita saves $50.00 at the end of each month and weposits the money in an account, paying 3.00% compounded semi-annually. a) How much
1. Ralph Bogita saves $50.00 at the end of each month and weposits the money in an account, paying 3.00% compounded semi-annually. a) How much will she accumulate in 20 years? b) How much of the accumulated amount is interest? 2. What is the accumulated value after 11.25 years of monthly deposits of $415.00 earning interest at 5.56% compounded semi-annually if the deposits are made at the end of each month? Calculate the amount of money that must be deposited at the end of every three months into an account paying 6% compounded monthly to accumulate to $12 500.00 in ten years? Mr. and Mrs. Fox have each contributed S1825.00 per year for the last eight years into RRSP accounts earning 6.93% compounded annually. Suppose they leave their accumulated contributions for another five years in the RRSP at the same rate of interest. a) How much will Mr. and Mrs. Fox have in total in their RRSP accounts? b) How much did the For's contribute? c) How much will be interest
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