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What is the amount of interest earned

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Question - Since the birth of her daughter, 19 years ago, Justin has deposited $125 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.20% compounded monthly for the first 9 years and 4.40% compounded monthly for the next 10 years.

Required -

a. What would be the accumulated value of the RESP at the end of 9 years?

b. What would be the accumulated value of the RESP at the end of 19 years?

c. What is the amount of interest earned during the 19 year period?

Reference no: EM133150189

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