Question
Rebecca invested $2,200 at the beginning of every 6 months in an RRSP for 11 years. For the first 7 years it earned interest at
Rebecca invested $2,200 at the beginning of every 6 months in an RRSP for 11 years. For the first 7 years it earned interest at a rate of 3.90% compounded semi-annually and for the next 4 years it earned interest at a rate of 6.60% compounded semi-annually. a. Calculate the accumulated value of his investment at the end of the first 7 years. $66,071.77 $66,724.27 $35,025.39 $35,708.38 b. Calculate the accumulated value of her investment at the end of 11 years. $66,071.77 $66,724.27 $56,133.53 $35,708.38 c. Calculate the amount of interest earned from the investment. $18,324.27 $17,671.77 $15,499.12 $2,825.15
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