Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Seamus has made deposits of $188.00 into his savings account at the end of every three months for 14 years. If interest is 9% per

image text in transcribed
image text in transcribed
Seamus has made deposits of $188.00 into his savings account at the end of every three months for 14 years. If interest is 9% per annum compounded semi-annually and he leaves the accumulated balance for another 2 years. what would be the balance in his account then? The balance in his account would be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Mr. Maillet has contributed $236.00 at the end of each six months into an RRSP paying 5% per annum compounded quarterly. How much will Mr. Maillet have in the RRSP after 20 years? (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) How much of the above amount is interest? (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management Of Health Care Organizations

Authors: William N. Zelman, Michael J. McCue, Noah D. Glick, Marci S. Thomas

5th Edition

1119553849, 9781119553847

More Books

Students also viewed these Finance questions