rek deposited $700 at the end of every month into an RRSP for 7 years. The interest rate earned was 3.75% compounded semi-annually for the first 5 years and changed to 4.00% compounded monthly for the next 2 years. What was the accumulated value of the RRSP at the end of 7 years? Round to the nearest cent

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
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Derek deposited $700 at the end of every month into an RRSP for 7 years. The interest rate earned was 3.75% compounded semi-annually for the first 5 years and changed to 4.00% compounded monthly for the next 2 years. What was the accumulated value of the RRSP at the end of 7 years?
 
Round to the nearest cent
 
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