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What is the accumulated value of payments

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Reference no: EM132926569

Problem -

1. An RRSP earns interest at 4.25% compounded quarterly. An amount of $1200 is invested into the RRSP and earns interest for ten years.

a. What's the balance of the account at the end of the period?

b. How much interest was earned?

c. What is the effective rate of interest?

2. What's the accumulated value of payments of $200 made at the end of every three month for 12 years if money is worth 5% compounded quarterly?

Reference no: EM132926569

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