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Since the birth of her daughter, 18 years ago, Maria has deposited $100 at the beginning of every month into a Registered Education Savings Plan
Since the birth of her daughter, 18 years ago, Maria has deposited $100 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.20% compounded monthly for the first 11 years and 4.00% compounded monthly for the next 7 years. a. What would be the accumulated value of the RESP at the end of 11 years? Round to the nearest cent b. What would be the accumulated value of the RESP at the end of 18 years? Round to the nearest cent c. What is the amount of interest earned during the 18 year period? Round to the nearest cent
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