Kito opened an RRSP deposit account on December 1, 2008, with a deposit of $1400. He...

Question

Question

Kito opened an RRSP deposit account on December 1, 2008, with a deposit of $1400. He added $1400 on February 1, 2010, and $14

Answer 1

Answer #1

Formula:
Future value = Present value×(1+Interest rate)^n

FV= PV×(1+r)^n

Amount in the account = $7160.85

Aug 2006 let us calculate no. of months (n) until Dec 1, 2008 1 + 7 +84= 92 Feb 1, 2010 . 6+ 72 = 78 48 = 48 Aug 1, 2016 Inte

Answer 2

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