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What is the amount of the resp at the end of 18 years

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Reference no: EM133217415

Lee's parents saved for his college education by depositing $1200 at the end of each year in a Registered Education Savings Plan (RESP) that earns 6% per year, compounded annually.

a) What is the amount of the RESP at the end of 18 years?

b) How much interest is earned?

c) How much extra interest would have been earned at an interest rate of 7% per year, compounded annually?

Reference no: EM133217415

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