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What was the size of the quarterly deposits

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Q1-Jesse 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 $40,000. If the RRSP was earning 2.50% compounded monthly, what was the size of the quarterly deposits?

Q2-Jesse received a $37,150 loan from a bank that was charging interest at 3.50% compounded semi-annually.

a. How much does she need to pay at the end of every 6 months to settle the loan in 4 years?

b. What was the amount of interest charged on the loan over the 4-year period?

Reference no: EM133047829

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