Question

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

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.  

  1. 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?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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...
Ingrid contributed $3500 per year for seven years into an RRSP account earning 5.94% compounded semi-annually....
Ingrid contributed $3500 per year for seven years into an RRSP account earning 5.94% compounded semi-annually. After the seven years, she stopped the contributions, but left the money in the RRSP for another five years, still at 5.94% compounded semi-annually. Show caculation use BA II plus calculator. . You are encouraged to draw the timelines for yourself to help you with setting up the logic of how to solve the problem. How much does Ingrid have in her account at...
. I saved $3,500 per six month period for seven years into my savings account earning...
. I saved $3,500 per six month period for seven years into my savings account earning 2% compounded annually. After the seven years, I stopped making contributions, but left the money in the bank for another five years, at 2.4% compounded annually. How much do I have in my account at the end of this twelve year period?         b) How much interest did I earn over the 12 year period? Calculate using ba 2 plus calculator
Ava invested $1750 into an RRSP that earned interest at 5% compounded semi-annually for eight years....
Ava invested $1750 into an RRSP that earned interest at 5% compounded semi-annually for eight years. a) Find the balance of the account at the end of the period. b) How much interest is earned? c) What is the effective rate of interest?
1) You deposit $500 each month into an account earning 3% interest compounded monthly. a) How...
1) You deposit $500 each month into an account earning 3% interest compounded monthly. a) How much will you have in the account in 25 years? b) How much total money will you put into the account? c) How much total interest will you earn? 2) Suppose you invest $190 a month for 6 years into an account earning 7% compounded monthly. After 6 years, you leave the money, without making additional deposits, in the account for another 21 years....
Sally invested $1,750 into an RRSP that earned interest at 5% compounded semiannually for eight years....
Sally invested $1,750 into an RRSP that earned interest at 5% compounded semiannually for eight years.    a. Determine the balance of the account at the end of the period? _____________      b. How much interest is earned? ______________ c. What is the effective rate? _____________
Suppose you invest $140 a month for 5 years into an account earning 6% compounded monthly....
Suppose you invest $140 a month for 5 years into an account earning 6% compounded monthly. After 5 years, you leave the money, without making additional deposits, in the account for another 26 years. How much will you have in the end?
Shayla is going to deposit $6,000 at the end of each year for 18 years into...
Shayla is going to deposit $6,000 at the end of each year for 18 years into RRSP. Shayla will make no contributions but she will let the funds stay in RRSP for another 18years earning interest. The compounded annual interest rate is 6%. how much Shyla's RRSP be worth at the end of 40 years?
You deposit $4000 each year into an account earning 3% interest compounded annually. How much will...
You deposit $4000 each year into an account earning 3% interest compounded annually. How much will you have in the account in 25 years?
You deposit $3000 each year into an account earning 6% interest compounded annually. How much will...
You deposit $3000 each year into an account earning 6% interest compounded annually. How much will you have in the account in 35 years?