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Author Question: Robert Downey deposited $610.00 in a trust account on the day of his son's birth and every three ... (Read 79 times)

RRMR

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on: Jun 6, 2019

Question 1

Linda contributes $3000.00 at the beginning of every six months into an RRSP paying interest at 6% compounded semi-annually.
a) How much will her RRSP deposits amount to in 15 years?
b) How much of the amount will be interest?

Question 2

Robert Downey deposited $610.00 in a trust account on the day of his son's birth and every three months thereafter. If interest paid is 7.2% compounded quarterly, what will the balance in the trust account be before the deposit is made on the son's twenty-first birthday?
Contemporary Business Mathematics with Canadian Applications ¦ Hummelbrunner, Halliday, Coombs ¦ 11th Edition
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Marked as best answer by RRMR on Jun 6, 2019

cegalasso

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Reply #1 on: Jun 6, 2019
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RRMR

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Reply #2 on: Jun 6, 2019
Thank you!


cegalasso

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Reply #3 on: Jun 6, 2019
Always glad to help...


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