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3. George contributed $3500 per year for seven years into an RRSP account earning 5.94% compounded...

3. George contributed $3500 per year for seven years into an RRSP account earning 5.94% compounded semi-annually.

After the seven years, he stopped the contributions, but left the money in the RRSP for another five years, still at 5.94% compounded semi-annually.

a) How much does George have in his account at the end of this twelve year period?

b) How much interest was earned over the 12 year period?

*Please use financial calculator method and show the values being entered for PY, CY, I, N, PMT, FV, PV along with your final answer*

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