Laura deposited $700 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 4 years and changed to 3.75% compounded monthly for the next 3 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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Laura deposited $700 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 4 years and changed to 3.75% compounded
monthly for the next 3 years. What was the accumulated value of the
RRSP at the end of 7 years?
Round to the nearest cent
Transcribed Image Text:Laura deposited $700 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 4 years and changed to 3.75% compounded monthly for the next 3 years. What was the accumulated value of the RRSP at the end of 7 years? Round to the nearest cent
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