Question
Since the birth of his granddaughter, 18 years ago, Brittany has deposited $250 at the beginning of every month into a Registered Education Savings Plan
Since the birth of his granddaughter, 18 years ago, Brittany has deposited $250 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.25% compounded monthly for the first 6 years and 4.75% compounded monthly for the next 12 years.
a. What was the accumulated value of the RESP at the end of 6 years?
b. What was the accumulated value of the RESP at the end of 18 years?
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Bond Markets Analysis And Strategies
Authors: Frank J. Fabozzi, Francesco A. Fabozzi
10th Edition
026204627X, 978-0253337535
