Question
Ronald invested $2,000 at the beginning of every 6 months in an RRSP for 11 years. For the first 7 years it earned interest at
Ronald invested $2,000 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 3.60% compounded semi-annually and for the next 4 years it earned interest at a rate of 6.50% compounded semi-annually.
a. Calculate the accumulated value of her investment after the first 7 years.
Round to the nearest cent
b. Calculate the accumulated value of her investment at the end of 11 years.
Round to the nearest cent
c. Calculate the amount of interest earned from the investment.
Round to the nearest cent
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