Question
1.Calculate the accumulated amount of end-of-month payments of $1,000 made at 4.98% compounded quarterly for 5 years. 2. Mitchell contributed $4,875 at the end of
1.Calculate the accumulated amount of end-of-month payments of $1,000 made at 4.98% compounded quarterly for 5 years.
2. Mitchell contributed $4,875 at the end of every 3 months into an RRSP fund earning 3.49% compounded quarterly for 12 years.
a. What is the future value of the fund at the end of 12 years?
Round to the nearest cent
b. What is the amount of interest earned over this period?
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Investment Science
Authors: David G. Luenberger
2nd Edition
0199740089, 978-0199740086
