Q7

Since the birth of her granddaughter, 20 years ago, Melanie has deposited $150 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 3.25% compounded monthly for the first 8 years and 3.75% compounded monthly for the next 12 years. a. What was the accumulated value of the RESP at the end of 8 years? Round to the nearest cent b. What was the accumulated value of the RESP at the end of 20 years? Round to the nearest cent c. What was the amount of interest earned over the 20-year period? Round to the nearest cent