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What was the balance in the account at the end of years

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Q1-Eric deposited $9,000 into a savings account at the beginning of every year for 10 years. The account was growing at 4.00% compounded monthly. After the 10-year period, he left the accumulated money in the account to grow for another year. What was the balance in the account at the end of 11 years?

Q2-How much should Eric invest today at 4.00% compounded monthly in order to pay his son's rent of $500 at the beginning of each month for the next 4 years?

Q3-An RESP account earns 4.16% compounded daily. How much must be contributed at the end of each month in order to accumulate $270,000 in 16 years?

Reference no: EM133036778

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