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a. What was the accumulated value of the RESP at the end of 8 years? $0.00 Round to the nearest cent b. What was the accumulated value of the RESP at the end of 15 years? $0.00 Round to the nearest cent c. What was the amount of interest earned over the 15-year period?

a. What was the accumulated value of the RESP at the end of 8 years? $0.00 Round to the nearest cent b. What was the accumulated value of the RESP at the end of 15 years? $0.00 Round to the nearest cent c. What was the amount of interest earned over the 15-year period?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Since the birth of her granddaughter, 15 years ago, Adrian has deposited $250 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 3.75% compounded monthly for the first 8 years and 4.50% compounded monthly for the next 7 years. a. What was the accumulated value of the RESP at the end of 8 years? $0.00 Round to the nearest cent b. What was the accumulated value of the RESP at the end of 15 years? $0.00 Round to the nearest cent c. What was the amount of interest earned over the 15-year period? $0.00 Round to the nearest cent
Transcribed Image Text:Since the birth of her granddaughter, 15 years ago, Adrian has deposited $250 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 3.75% compounded monthly for the first 8 years and 4.50% compounded monthly for the next 7 years. a. What was the accumulated value of the RESP at the end of 8 years? $0.00 Round to the nearest cent b. What was the accumulated value of the RESP at the end of 15 years? $0.00 Round to the nearest cent c. What was the amount of interest earned over the 15-year period? $0.00 Round to the nearest cent
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