1.Since the birth of her daughter, 16 years ago, Taylor has deposited $120.00 at the beginning of every month into an RESP. The interest rate on the plan was 4.30% compounded monthly for the first 12 years and 5.20% compounded monthly for the next 4 years.

a. Calculate the value of the fund today (the end of a 16-year term).

Round to the nearest cent

b. How much of this is interest?

2.

Since the birth of his granddaughter, 17 years ago, Jordan has deposited $250 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 3.75% compounded monthly for the first 10 years and 4.25% compounded monthly for the next 7 years.

a. What was the accumulated value of the RESP at the end of 10 years?

Round to the nearest cent

b. What was the accumulated value of the RESP at the end of 17 years?

Round to the nearest cent

c. What was the amount of interest earned over the 17-year period?