How much must Jessica deposit at the beginning of every three months for 8 years into an account at the CIBC at 6.81% compounded quarterly to accumulate $245,000. Choose BGN or END? N= 1/Y= P/Y = C/Y= PV = 5 PMT = $ FV = 5 Francisco makes regular (end of period) deposits into his RRSP (Registered Retirement Savings Plan) that will be converted into an RRIF (Registered Retirement Income Fund) 28 years from now. During retirement Francisco would like to receive $2,100 at the end of each month for sixteen years. If interest is 4.57% compounded monthly (for both the RRSP and RRIF). Round all answers to two decimal places where necessary. 1) How much money should Francisco have in his RRIF to receive payments of $2,100 at the end of each month? P/Y= CIYE N= 1/Y = PV = 5 PMT = $ FV = $ 2) What payment will Francisco have to make at the end of each month into his RRSP so that there is enough money in his RRIF at the start of his retirement? P/Y= C/Y = N = 1/4 = PV = 5 PMT = S FV = $ Savannah has a mortgage of $348,000 to be repaid by end of month payments with an interest rate of 6.68% compounded monthly over 20 years. What is the interest paid in the 7th year of the mortgage? a. What is the amount of each payment? P/Y = C/Y 1/Y = % N = PV = FV = PMT= b. How much interest was paid in the 7th year? (Enter a positive value for your answer.) > Next Question Andrea is converting an RRSP balance of $310,132 into a RRIF. She wants to receive 51,200 at the end of each month for 31 years. What nominal annual rate of interest compounded semi-annually is required? Round all answers to two decimal places where applicable. PV = 5 PMT = 5 FV = $ P/Y= C/Y = N = 1/4 = Andrea is converting an RRSP balance of $310,132 into a RRIF. She wants to receive $1,200 at the end of each month for 31 years. What nominal annual rate of interest compounded semi-annually is required? Round all answers to two decimal places where applicable. PV = $ PMT= 5 FV = 5 P/Y = C/Y = NE 1/Y=