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Donald invested $1,600 at the beginning of every 6 months in an RRSP for 11 years. For the first 8 years it earned interest at a rate of 4.40% compounded semi-annually and for the next 3 years it earned interest at a rate of 5.60% compounded semi- annually. a. Calculate the accumulated value of her investment after the first 8 years. $0.00 Round to the nearest cent b. Calculate the accumulated value of her investment at the end of 11 years. $0.00 Round to the nearest cent

Donald invested $1,600 at the beginning of every 6 months in an RRSP for 11 years. For the first 8 years it earned interest at a rate of 4.40% compounded semi-annually and for the next 3 years it earned interest at a rate of 5.60% compounded semi- annually. a. Calculate the accumulated value of her investment after the first 8 years. $0.00 Round to the nearest cent b. Calculate the accumulated value of her investment at the end of 11 years. $0.00 Round to the nearest cent

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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Donald invested $1,600 at the beginning of every 6 months in an RRSP for 11 years. For the first 8 years it earned interest at a rate of 4.40% compounded semi-annually and for the next 3 years it earned interest at a rate of 5.60% compounded semi- annually. a. Calculate the accumulated value of her investment after the first 8 years. $0.00 Round to the nearest cent b. Calculate the accumulated value of her investment at the end of 11 years. $0.00 Round to the nearest cent
Transcribed Image Text:Donald invested $1,600 at the beginning of every 6 months in an RRSP for 11 years. For the first 8 years it earned interest at a rate of 4.40% compounded semi-annually and for the next 3 years it earned interest at a rate of 5.60% compounded semi- annually. a. Calculate the accumulated value of her investment after the first 8 years. $0.00 Round to the nearest cent b. Calculate the accumulated value of her investment at the end of 11 years. $0.00 Round to the nearest cent
c. Calculate the amount of interest earned from the investment. $0.00 Round to the nearest cent
Transcribed Image Text:c. Calculate the amount of interest earned from the investment. $0.00 Round to the nearest cent
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