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Li Jun had a balance of $4,000 in his RRSP. In addition to this, he invested $500 at the end of every 3 months for

Li Jun had a balance of $4,000 in his RRSP. In addition to this, he invested $500 at the end of every 3 months for 8 years. His RRSP earned 4.00% compounded quarterly for the first 2 years and 4.85% compounded quarterly for the rest of the period.

a. What is the accumulated value of the balance of $4,000 at the end of the time period?

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b. What is the accumulated value of the annuity at the end of the first 2 years?

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c. What is the future value of the accumulated value from (b) at the end of the 8 years?

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d. What is the accumulated value of the $500.00 annuity for the next 6 years at 4.85% compounded quarterly?

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e. How much did he have in the RRSP at the end of the time period?

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f. What were his total earnings?

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