Question 1
Genevieve won $42 016 from the lottery and deposited all of it into an RESP account for her children that had an interest rate of 0.7% for a 1-year term. What is the maturity value of the deposit?
Question 2
CloudTrust Limited has a monthly payroll of $6 million. They choose to make a short-term investment in an account with a 0.9% rate. At the end of the month, what is the maturity value of the deposit?