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Elizabeth invested $8000 in her TFSA for 5 years. Her TFSA is linked to an index mutual fund that returns around 4.8% p.a. compounded semiannually
Elizabeth invested $8000 in her TFSA for 5 years. Her TFSA is linked to an index mutual fund that returns around 4.8% p.a. compounded semiannually for the first two years followed by 5% p.a. compounded quarterly for the next three years. After 5 years, she gave the deposit to her son to aid in the purchase of an apartment in the future. Her son left the deposit in a savings account that earned interest at 5.5% p.a. compounded weekly for three years. What is the amount in the savings account after three years
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