Question
Since the birth of her daughter, 18 years ago, Michael has deposited $75 at the beginning of every month into a Registered Education Savings Plan
Since the birth of her daughter, 18 years ago, Michael has deposited $75 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.50% compounded monthly for the first 9 years and 5.00% compounded monthly for the next 9 years.
a. What would be the accumulated value of the RESP at the end of 9 years?
b. What would be the accumulated value of the RESP at the end of 18 years?
c. What is the amount of interest earned during the 18 year period?
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Security Audit And Control Features SAP ERP
Authors: Deloitte Touche Tohmatsu Research Team And Isaca
3rd Edition
1604201150, 978-1604201154
