Since the birth of his daughter, 18 years ago, Samuel has deposited $160.00 at the beginning of every month into an RESP. The interest rate on the plan was 4.70% compounded monthly for the first 8 years and 5.70% compounded monthly for the next 10 years. a. Calculate the value of the fund today (the end of a 18-year term). Round to the nearest cent b. How much of this is interest? Round to the nearest cent
Since the birth of his daughter, 18 years ago, Samuel has deposited $160.00 at the beginning of every month into an RESP. The interest rate on the plan was 4.70% compounded monthly for the first 8 years and 5.70% compounded monthly for the next 10 years. a. Calculate the value of the fund today (the end of a 18-year term). Round to the nearest cent b. How much of this is interest? 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 his daughter, 18 years ago, Samuel has deposited $160.00 at the beginning of every month into an RESP. The interest rate on the plan was 4.70% compounded monthly for the first 8 years and 5.70% compounded monthly for the next 10 years.
a. Calculate the value of the fund today (the end of a 18-year term).
Round to the nearest cent
b. How much of this is interest?
Round to the nearest cent
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