Since the birth of her daughter, 20 years ago, William has deposited $50 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 5.10% compounded monthly for the first 8 years and 4.00% compounded monthly for the next 12 years. a. What would be the accumulated value of the RESP at the end of 8 years?
Since the birth of her daughter, 20 years ago, William has deposited $50 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 5.10% compounded monthly for the first 8 years and 4.00% compounded monthly for the next 12 years. a. What would be the accumulated value of the RESP at the end of 8 years?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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