Question
-What is the accumulated value of periodic deposits of $6,000 made into an investment fund at the beginning of every quarter, for 6 years, if
-What is the accumulated value of periodic deposits of $6,000 made into an investment fund at the beginning of every quarter, for 6 years, if the interest rate is 4.50% compounded quarterly?Round to the nearest cent
-How much should Amber's dad invest into a savings account today, to be able to pay for Amber's rent for the next three years if rent is $700 payable at the beginning of each month? The savings account earns 3.50% compounded monthly. Round to the nearest cent
-Since the birth of her granddaughter, 17 years ago, Lisa has deposited $150 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 3.50% compounded monthly for the first 7 years and 4.00% compounded monthly for the next 10 years.
a. What was the accumulated value of the RESP at the end of 7 years? Round to the nearest cent
b. What was the accumulated value of the RESP at the end of 17 years? Round to the nearest cent
c. What was the amount of interest earned over the 17-year period? Round to the nearest cent
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