Question

How much will a registered retirement savings deposit of $13 500.00 be worth in

11 years at 8.44% compounded quarterly?And how much of the amount is interest?

Answer 1

33832.80

Explanation:

Given that 13500 dollars is deposited in savings bank at 8.44% for 11 years

Compounding quarterly

Effective interest =
`(8.44)/(400) =0.0211`

Effective time = 11(4) = 44

Hence total amount after 11 years

=
`13500(1.0211)^(44) \\=33832.80`