Li Jun saved $110 at the end of every month for 4 years in his bank account that earned 3.70% compounded monthly.

a.What is the accumulated value of his savings at the end of the period?

$5,554.19

$5,681.31

$76,905.54

$401.31

b.What is the interest earned over the period?

$291.31

$5,681.31

$511.31

$401.31

Calculate the amount of money Vincent had to deposit in an investment fund growing at an interest rate of 4.50% compounded annually, to provide his daughter with $15,500 at the end of every year, for 3 years, throughout undergraduate studies.

Round to the nearest cent

Timothy purchases a retirement annuity that will pay him $1,500 at the end of every six months for the first eight years and $100 at the end of every month for the next six years. The annuity earns interest at a rate of 5.6% compounded quarterly.

a.What was the purchase price of the annuity?

Round to the nearest cent

b.How much interest did Timothy receive from the annuity?

Round to the nearest cent

Courtney deposited $1,000 at the end of every month into an RRSP for 8 years. The interest rate earned was 5.75% compounded semi-annually for the first 3 years and changed to 6.00% compounded monthly for the next 5 years. What was the accumulated value of the RRSP at the end of 8 years?

Round to the nearest cent