Since the birth of her daughter, 15 years ago, Kelsey has deposited $150 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 8 years and 4.70% compounded monthly for the next 7 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 15 years? Round to the nearest cent c. What is the amount of interest earned during the 15 year period? Round to the nearest cent
Since the birth of her daughter, 15 years ago, Kelsey has deposited $150 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 8 years and 4.70% compounded monthly for the next 7 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 15 years? Round to the nearest cent c. What is the amount of interest earned during the 15 year period? Round to the nearest cent
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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Since the birth of her daughter, 15 years ago, Kelsey has deposited $150 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 8 years and 4.70% compounded monthly for the next 7 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 15 years?
Round to the nearest cent
c. What is the amount of interest earned during the 15 year period?
Round to the nearest cent
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