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FUTURE VALUE AND PRESENT VALUE OF AN ORDINARY GENERAL ANNUITY Zoe started investing $ 7 0 0 at the end of every month into an

FUTURE VALUE AND PRESENT VALUE OF AN

ORDINARY GENERAL ANNUITY

Zoe started investing $

700

at the end of every month

into an RRSP that has an interest rate of

4 %

compounded

semi

-

annually. Three years later, the interest rate on

her RRSP increased to

5 %

compounded monthly and

remained the same, thereafter. What is the accumulated

value of the RRSP after seven years?

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