Courtney contributed $4,500 at the end of every 3 months, for 5 years, into a Registered Retirement Savings Plan (RRSP) earning 2.50% compounded quarterly. a. What is the future value of the fund at the end of 5 years? Round to the nearest cent b. What is the amount of interest earned over the 5-year period? Round to the nearest cent
Courtney contributed $4,500 at the end of every 3 months, for 5 years, into a Registered Retirement Savings Plan (RRSP) earning 2.50% compounded quarterly. a. What is the future value of the fund at the end of 5 years? Round to the nearest cent b. What is the amount of interest earned over the 5-year period? Round to the nearest cent
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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