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7 Since the birth of his granddaughter, 20 years ago, Garrett has deposited $100 at the beginning of every month into a Registered Education Savings
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Since the birth of his granddaughter, 20 years ago, Garrett has deposited $100 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.50% compounded monthly for the first 10 years and 5.00% compounded monthly for the next 10 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 20 years? Round to the nearest cent c. What was the amount of interest earned over the 20-year period? Round to the nearest centStep by Step Solution
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