Mitchell deposited $700 at the end of every month into an RRSP for 8 years. The interest rate earned was 4.25% compounded semi-annually for the first 5 years and changed to 4.50% compounded monthly for the next 3 years. What was the accumulated value of the RRSP at the end of 8 years?
Mitchell deposited $700 at the end of every month into an RRSP for 8 years. The interest rate earned was 4.25% compounded semi-annually for the first 5 years and changed to 4.50% compounded monthly for the next 3 years. What was the accumulated value of the RRSP at the end of 8 years?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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Mitchell deposited $700 at the end of every month into an RRSP for 8 years. The interest rate earned was 4.25% compounded semi-annually for the first 5 years and changed to 4.50% compounded monthly for the next 3 years. What was the accumulated value of the RRSP at the end of 8 years?
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