solution
solution.
What is the accumulated value of periodic deposits of $5,000 made into an investment fund at the beginning of every quarter, for 6 years, if the interest rate is 2.50% compounded quarterly?
Round to the nearest cent.
– Ashley invested $1,900 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 3.20% compounded semi-annually and for the next 3 years it earned interest at a rate of 6.20% compounded semi-annually.
a. Calculate the accumulated value of his investment at the end of the first 8 years.
•$54,218.00
• $54,599.94
• $34,335.11
• $34,884.47
b. Calculate the accumulated value of her investment at the end of 11 years.
• $54,218.00
• $54,599.94
• $47,587.29
• $34,884.47
c. Calculate the amount of interest earned from the investment.
• $12,799.94
• $12,418.00
• $11,497.12
• $1,302.82
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