Question
Michelle invested $1,650 at the end of every 6 months into an RRSP for 16 years. For the first 8 years she earned interest at
Michelle invested $1,650 at the end of every 6 months into an RRSP for 16 years. For the first 8 years she earned interest at a rate of 4.30% compounded semi-annualy and for the next 8 years she earned interest at a rate of 6.60% compounded semi-annualy.
a. Calculate the accumulated value of her investment after the first 8 years. Round to the nearest cent b. Calculate the accumulated value of her investment at the end of 16 years. Round to the nearest cent c. How much interest did she earn in her investment over the 16 years. Round to the nearest cent
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