Alexis deposited $1,000 at the end of every month into an RRSP for 7 years. The interest rate earned was 3.50% compounded semi-annually for the first 3 years and changed to 3.75% compounded monthly for the next 4 years. What was the accumulated value of the RRSP at the end of 7 years?

Alexis deposited $1,000 at the end of every month into an RRSP for 7 years. The interest rate earned was 3.50% compounded semi-annually for the first 3 years and changed to 3.75% compounded monthly for the next 4 years. What was the accumulated value of the RRSP at the end of 7 years?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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Alexis deposited $1,000 at the end of every month into an RRSP for 7 years. The interest
rate earned was 3.50% compounded semi-annually for the first 3 years and changed to
3.75% compounded monthly for the next 4 years. What was the accumulated value of
the RRSP at the end of 7 years?
Round to the nearest cent

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