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Since the birth of her daughter, 19 years ago, Erin has deposited $75 at the beginning of every month into a Registered Education Savings Plan
Since the birth of her daughter, 19 years ago, Erin has deposited $75 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.30% compounded monthly for the first 12 years and 4.30% compounded monthly for the next 7 years. a. What would be the accumulated value of the RESP at the end of 12 years? Round to the nearest cent b. What would be the accumulated value of the RESP at the end of 19 years? F
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