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What is the amount of the final payment

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Reference no: EM131860922

Patrice opened an RRSP deposit account on December 1st, 2016 with a deposit of $1000. He added $1000 on July 1st, 2018 and another $1000 on November 1st, 2020. How much is in his account on January 1st, 2024 if the deposit earns 6% p.a. compounded monthly?

Gerry the Gardener owed $4000 on his purchase of a new heavy-use lawn mower for his business. He repaid $1500 in 9 months, another $2000 in 18 months, and the remaining amounts owed in 27 months. If interest is 10% compounded quarterly, what is the amount of the final payment?

Reference no: EM131860922

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