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Bianca deposited $1,000 at the end of every month into an RRSP for 7 years. The interest rate earned was 5.50% compounded semi-annually for the
Bianca deposited $1,000 at the end of every month into an RRSP for 7 years. The interest rate earned was 5.50% compounded semi-annually for the first 3 years and changed to 5.75% compounded monthly for the next 4 years. What was the accumulated value of the RRSP at the end of 7 years? Round to the nearest cent Casey purchases a retirement annuity that will pay him $2,500 at the end of every six months for the first ten years and $200 at the end of every month for the next five years. The annuity earns interest at a rate of 3.8% compounded quarterly. a. What was the purchase price of the annuity? Round to the nearest cent Calculate the amount of money Amy had to deposit in an investment fund growing at an interest rate of 3.50% compounded annually, to provide his daughter with $11,500 at the end of every year, for 3 years, throughout undergraduate studies. Round to the nearest cent How much should Casey have in a savings account that is earning 3.50% compounded semi-annually, if he plans to withdraw $2,150 from this account at the end of every six months for 6 years? Round to the nearest cent
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