Question
Courtney invested $2,100 at the beginning of every 6 months in an RRSP for 11 years. For the first 5 years it earned interest at
Courtney invested $2,100 at the beginning of every 6 months in an RRSP for 11 years. For the first 5 years it earned interest at a rate of 3.70% compounded semi-annually and for the next 6 years it earned interest at a rate of 5.10% compounded semi-annually.
a. Calculate the accumulated value of her investment at the end of the first 5 years. $60,518.18 $61,259.02 $22,837.35 $23,259.84
b. Calculate the accumulated value of her investment at the end of 11 years. $60,518.18 $61,259.02 $53,053.36 $23,259.84
c. Calculate the amount of interest earned from the investment. $15,059.02 $14,318.18 $10,465.50 $4,593.52
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