Reference no: EM132536379
Question 1 - Natalie opened an RRSP account and deposited $2,600 into it. She then deposited $700 at the end of the 1st year and $775 at the end of the 2nd year, into the account. The RRSP was earning 2.50% compounded quarterly.
a. What is the accumulated value of the investments at the end of the 2nd year?
b. What is the accumulated value of the investment at the end of 7 years?
Question 2 - How much more or less money would you have to invest today to have $8,500 in 3 years at 6.20% compounded monthly instead of 6.36% compounded annually?
Express the answer with a positive sign if more needs to be invested or negative sign for less, rounded to two decimal places
Question 3 - Eric was supposed to make a payment of $2,250 in 2 years and another payment for $700 in 4 years to Loon Company as part of a payment plan.
Instead, he is trying to reach an agreement with the company where he would pay an upfront amount now, and an amount of $1,100 in 6 years. Assume that money is worth 7.20% compounded quarterly.
a. Calculate the equivalent value of the $2,250 payment and the $700 payment today.
b. Calculate the upfront amount that he should pay under the alternative payment agreement so that the payments are equivalent.
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