Question

Joel had a balance of $2,000 in her RRSP. In addition to this, she invested $700 at the

end of every 3 months for 9 years. Her RRSP earned 4.00% compounded quarterly for
the first 3 years and 5.30% compounded quarterly for the rest of the period.

a. What is the accumulated value of the balance of $2,000 at the end of the time
period?
$0.00

Round to the nearest cent

Answer 1

Given:

Joel had a balance = P = $2,000

she invested $700 at the end of every 3 months for 9 years.

the interest rate = 4%, compounded quarterly the first 3 years

And 5.3% compounded quarterly for the rest of the period.