Q1-Calculate the amount of money Timothy had to deposit in an investment fund growing at an interest rate of 4.00% compounded annually, to provide his daughter with $15,000 at the end of every year, for 4 years, throughout undergraduate studies.

Round to the nearest cent

Q2-A company financed the purchase of a machine with a loan at 2.5% compounded monthly. This loan would be settled by making payments of $8,900 at the end of every month for 6 years.

a. What was the principal balance of the loan?

Round to the nearest cent

b. What was the total amount of interest charged on the loan?

Round to the nearest cent

Q3-Vincent invested $1,200 at the end of every month into an RRSP for 8 years. The interest rate earned was 4.2% compounded semi-annually for the first 4 years and changed to 3.6% compounded monthly for the next 4 years. What was the accumulated value of the RRSP at the end of 8 years?

Round to the nearest cent