What was the size of the quarterly deposits

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Q1-Robert made equal deposits at the beginning of every 3 months into an RRSP. At the end of 8 years, the fund had an accumulated value of $45,000. If the RRSP was earning 4.50% compounded monthly, what was the size of the quarterly deposits?

Q2-Robert received a $29,350 loan from a bank that was charging interest at 4.50% compounded semi-annually.

a. How much does she need to pay at the end of every 6 months to settle the loan in 5 years?

b. What was the amount of interest charged on the loan over the 5-year period?

Q3-You plan to save money for a down payment of $32,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 5.50% compounded monthly. How long will it take you to save the planned amount? Months? and years?

Reference no: EM133030373

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