Samantha contributed $600 at the end of every 3 months, for 5 years, into a Registered Retirement Savings Plan (RRSP) earning 2.50% compounded quarterly.

a. What is the future value of the fund at the end of 5 years?

b. What is the amount of interest earned over the 5-year period?

Adrian invested $800 at the end of every month into an investment fund that was earning interest at 4.25% compounded monthly. She stopped making regular deposits at the end of 8 years when the interest rate changed to 4.50% compounded quarterly. However, she let the money grow in this investment fund for the next 3 years.

a. Calculate the accumulated balance in her investment fund at the end of 8 years.

b. Calculate the accumulated balance in her investment fund at the end of 11 years.

c. Calculate the amount of interest earned over the 11-year period.

How much should George have in a savings account that is earning 2.50% compounded monthly, if she plans to withdraw $1,250 from this account at the end of every month for 6 years?

How much money should Caitlin invest today into a fund that earns interest at 4.75% compounded quarterly, if she wants to receive $7,750 at the end of every 6 months for the next 5 years?

Erica deposited $700 at the end of every month into an RRSP for 6 years. The interest rate earned was 5.50% compounded semi-annually for the first 2 years and changed to 5.75% compounded monthly for the next 4 years. What was the accumulated value of the RRSP at the end of 6 years?

Since the birth of her granddaughter, 20 years ago, Alexis 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 10 years and 3.50% compounded monthly for the next 10 years.

a. What was the accumulated value of the RESP at the end of 10 years?

b. What was the accumulated value of the RESP at the end of 20 years?

c. What was the amount of interest earned over the 20-year period?

What should be the balance in a Registered Retirement Income Fund (RRIF) that will provide $2,000 at the beginning of each month for 7 years, if the RRIF earns 4.75% compounded quarterly?

Meghan made equal deposits at the beginning of every 3 months into an RRSP. At the end of 6 years, the fund had an accumulated value of $55,000. If the RRSP was earning 3.50% compounded monthly, what was the size of the quarterly deposits?

Lush Gardens Co. bought a new truck for $54,000. It paid $5,400 of this amount as a down payment and financed the balance at 7.50% compounded semi-annually. If the company makes payments of $1,600 at the end of every month, how long will it take to settle the loan? Express the answer in years and months, rounded to the next payment period

Your RRSP savings of $27,500 are converted to a RRIF at 6.50% compounded monthly that pays $5,300 at the beginning of every month. After how many payments will the fund be depleted?