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Home Q & A Board Science-Related Homework Help Mathematics
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Lada Lada
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6 years ago
Betty deposited $17 150.00 in an RRSP on March 1, 2010, at 6.4% compounded quarterly. Subsequently the interest rate was changed to 6.6% compounded monthly on September 1, 2012, and to 6.8% compounded semi-annually on June 1, 2014. What was the value of the RRSP deposit on December 1, 2016, if no further changes in interest were made?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
At Sept. 1, 2002: FV = 17 150(1.016)10 = 17150.00(1.1720256) = $20 100.24
Further: FV = 20100.24(1.0055)21 = 20100.24(1.1220794) = $22 554.07 (at June 1, 2014)
   FV = 22554.07(1.034)7 = 22554.07(1.2636994) = 28 501.56 (at Dec. 1, 2016 )
$28501.56
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