1. William saved $230 at the end of every month for 7 years in her bank account that earned 3.20% compounded monthly.

a.What is the accumulated value of her savings at the end of the period?

$21,335.81

$21,622.71

$193,835.81

$2,302.71

b.What is the interest earned over the period?

$2,072.71

$21,622.71

$2,532.71

$2,302.71

2.Evan purchases a retirement annuity that will pay him $1,500 at the end of every six months for the first nine years and $500 at the end of every month for the next five years. The annuity earns interest at a rate of 5.7% compounded quarterly.

a.What was the purchase price of the annuity?

Round to the nearest cent

b.How much interest did Evan receive from the annuity?

Round to the nearest cent

3.Jesse deposited $1,100 at the end of every month into an RRSP for 8 years. The interest rate earned was 5.25% compounded semi-annually for the first 3 years and changed to 5.50% compounded monthly for the next 5 years. What was the accumulated value of the RRSP at the end of 8 years?

Round to the nearest cent