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What was the amount of interest earned

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Question - Since the birth of his granddaughter, 20 years ago, Kimberly has deposited $150 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.25% compounded monthly for the first 9 years and 4.75% compounded monthly for the next 11 years. (Question relates to Mathematics of Business and Finance).

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

b. What was the accumulated value of the RESP at the end of 20 years?

c. What was the amount of interest earned over the 20-year period?

Reference no: EM132930834

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