Question
Quarterly contributions of $1000 will be made to an RESP for 15 years.Assuming that the investments within the plan grow at 8% compounded quarterly, how
Quarterly contributions of $1000 will be made to an RESP for 15 years.Assuming that the investments within the plan grow at 8% compounded quarterly, how much will the RESP be worth after 15 years if the contributions are made:
A.) At the end of each quarter?(Do not round intermediate calculations and round your final answer to 2 decimal places.) FV $____
B.) At the beginning of each quarter?(Do not round intermediate calculations and round your final answer to 2 decimal places.) FV(due) $____
C.) By what percentage does the answer to Part (b) exceed the answer to Part (a)?(Do not round intermediate calculations and round your final answer to 1 decimal place.Percent difference: ___%
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