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Calculate the amount of interest earned from the investment

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Question - William invested $1,600 at the beginning of every 6 months in an RRSP for 11 years. For the first 6 years it earned interest at a rate of 4.90% compounded semi-annually and for the next 5 years it earned interest at a rate of 5.60% compounded semi-annually. (Question relates to: Annuities - Future and Present Value Calculations for Ordinary Simple and General Annuity)

1. Calculate the accumulated value of his investment at the end of the first 6 years.

a. $47,895.95

b. $48,404.82

c. $22,010.61

d. $22,549.86

2. Calculate the accumulated value of her investment at the end of 11 years.

a. $47,895.95

b. $48,404.82

c. $41,232.89

d. $22,549.86

3. Calculate the amount of interest earned from the investment.

a. $13,204.82

b. $12,695.95

c. $10,521.79

d. $2,683.03

Reference no: EM132954756

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