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David invested $2,100 at the beginning of every 6 months in an RRSP for 11 years. For the first 5 years it earned interest at a rate of 3.80% compounded semi-annually and for the next 6 years it earned interest at a rate of 6.20% compounded semi-annually. Calculate the accumulated value of his investment at the end of the first 5 years.

David invested $2,100 at the beginning of every 6 months in an RRSP for 11 years. For the first 5 years it earned interest at a rate of 3.80% compounded semi-annually and for the next 6 years it earned interest at a rate of 6.20% compounded semi-annually. Calculate the accumulated value of his investment at the end of the first 5 years.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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David invested $2,100 at the beginning of every 6 months in an RRSP for 11 years. For the first 5 years it earned interest at a rate of 3.80% compounded semi-annually and for the next 6 years it earned interest at a rate of 6.20% compounded semi-annually. Calculate the accumulated value of his investment at the end of the first 5 years.
Transcribed Image Text:David invested $2,100 at the beginning of every 6 months in an RRSP for 11 years. For the first 5 years it earned interest at a rate of 3.80% compounded semi-annually and for the next 6 years it earned interest at a rate of 6.20% compounded semi-annually. Calculate the accumulated value of his investment at the end of the first 5 years.
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