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Mr. Merkel has contributed $96 at the end of each year into an RRSP paying 5 % per annum compounded quarterly. How much will Mr.

Mr. Merkel has contributed $96 at the end of each year into an RRSP paying 5 % per annum compounded quarterly.

How much will Mr. Merkel have in the RRSP after 15 years?

How much of the above amount is interest?

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