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- Since the birth of her granddaughter, 19 years ago, Holly has deposited $150 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 3.25% compounded monthly for the first 7 years and 3.75% compounded monthly for the next 12 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 19 years? Round to the nearest cen c. What was the amount of interest earned over the 19-year period? Round to the nearest centSince the birth of his granddaughter, 18 years ago, Kristen has deposited $300 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 10 years and 4.00% compounded monthly for the next 8 years. a. What was the accumulated value of the RESP at the end of 10 years? Round to the nearest cent b. What was the accumulated value of the RESP at the end of 18 years? Round to the nearest cent c. What was the amount of interest earned over the 18-year period? Round to the nearest centSince the birth of her daughter, 20 years ago, William has deposited $50 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 5.10% compounded monthly for the first 8 years and 4.00% compounded monthly for the next 12 years. a. What would be the accumulated value of the RESP at the end of 8 years? Round to the nearest cent b. What would be the accumulated value of the RESP at the end of 20 years? Round to the nearest cent c. What is the amount of interest earned during the 20 year period? Round to the nearest cent
- Since the birth of his granddaughter, 20 years ago, Jason has deposited $200 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 7 years and 4.75% compounded monthly for the next 13 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 20 years? Round to the nearest cent c. What was the amount of interest earned over the 20-year period? Round to the nearest centSince the birth of his granddaughter, 20 years ago, Jacob has deposited $100 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.50% compounded monthly for the first 11 years and 5.00% compounded monthly for the next 9 years. a. What was the accumulated value of the RESP at the end of 11 years?New parents wish to save for their newborn's education and wish to have $46,000 at the end of 17 years. How much should the parents place at the end of each year into a savings account that earns an annual rate of 5.6% compounded annually? (Round your answers to two decimal places.)$ How much interest would they earn over the life of the account?$ Determine the value of the fund after 10 years.$ How much interest was earned during the 10th year?$
- New parents wish to save for thier newborn's education and wish to have $36,000 at the end of 18 years. How much should the parents place at the end of each year into a savings account that earns an annual rate of 5.6% compounded annually? (round your answer to two decimal places). How much interst would they earn over the life of the account? Determine the value of the fund after 12 years.Brittany contributed $3,750 at the end of every 3 months, for 5 years, into a Registered Retirement Savings Plan (RRSP) earning 3.50% compounded quarterly. a. What is the future value of the fund at the end of 5 years? $0.00 Round to the nearest cent b. What is the amount of interest earned over the 5-year period? $0.00 Round to the nearest centNew parents wish to save for their newborn's education and wish to have $30,000 at the end of 19 years. How much should the parents place at the end of each year into a savings account that earns an annual rate of 4.6% compounded annually? (Round your answers to two decimal places.)How much interest would they earn over the life of the account?Determine the value of the fund after 8 years.How much interest was earned during the 8th year? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Dylan contributed $700 at the end of every 3 months, for 4 years, into a Registered Retirement Savings Plan (RRSP) earning 3.50% compounded quarterly. a. What is the future value of the fund at the end of 4 years? $0.00 Round to the nearest cent b. What is the amount of interest earned over the 4-year period? $0.00 Round to the nearest centSue's goal is to have $9000 in her savings account seven years from now. How much must she set aside at the end of each year at 5% compounded annually to meet this goal? Select one: a. $1105.38 b. $1285.71 c. $1555.38 d. $1089.661. Lovely Mae’s deposit of 100,000 is placed into a college fund at the beginning of every month for 10 years. The fund earns 9% annual interest, compounded monthly, and paid at the end of the month. How much is in her account right after the last deposit? Show solution.