6. When Alice and Mark's first child was one month old, and at the end of every month thereafter, they invested S80 in a Registered Education Savings Plan (RESP) that paid 6% per year, compounded monthly. Determine the amount in the RESP on the child's 18th birthday. c. $30 988.26 d. $27 051.48 a. $23 114.70 b. $19 177.92
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- On the day your daughter is born, you deposit $1,000 in a college savings account that earns 8% compounded annually. On each of her birthdays thereafter, up to and including her 18th birthday, you deposit an additional $1,000. How much money is in the college account the day after her 18th birthday? a. $37,450 b. $38,950 c. $41,450 d. $46,800.New parents wish to save for their newborn's education and wish to have $35,000 at the end of 16 years. How much should the parents place at the end of each year into a savings account that eans an annual rate of 6% compounded annually? (Round your answers to two decimal places.) $ How much interest would they earn over the life of the account? $ Determine the value of the fund after 12 years. %24Since the birth of her granddaughter, 15 years ago, Adrian has deposited $250 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 3.75% compounded monthly for the first 8 years and 4.50% compounded monthly for the next 7 years. a. What was the accumulated value of the RESP at the end of 8 years? $0.00 Round to the nearest cent b. What was the accumulated value of the RESP at the end of 15 years? $0.00 Round to the nearest cent c. What was the amount of interest earned over the 15-year period? $0.00 Round to the nearest cent
- Since the birth of her granddaughter, 19 years ago, Holly has deposited $150 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 3.25% compounded monthly for the first 7 years and 3.75% compounded monthly for the next 12 years. a. What was the accumulated value of the RESP at the end of 7 years? Round to the nearest cent b. What was the accumulated value of the RESP at the end of 19 years? Round to the nearest cen c. What was the amount of interest earned over the 19-year period? Round to the nearest centSince the birth of her granddaughter, 21 years ago, Kevin has deposited $150 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 3.75% compounded monthly for the first 10 years and 4.25% compounded monthly for the next 11 years. a. What was the accumulated value of the RESP at the end of 10 years? $0.00 Round to the nearest cent b. What was the accumulated value of the RESP at the end of 21 years? c. What was the amount of interest earned over the 21-year period? $0.00 Round to the nearest centNew parents wish to save for their newborn's education and wish to have $45,000 at the end of 16 years. How much should the parents place at the end of each year into a savings account that earns an annual rate of 4.8% compounded annually? (Round your answers to two decimal places.)$ How much interest would they earn over the life of the account?$ Determine the value of the fund after 8 years.$ How much interest was earned during the 8th year?
- Since the birth of his granddaughter, 20 years ago, Jason has deposited $200 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.25% compounded monthly for the first 7 years and 4.75% compounded monthly for the next 13 years. a. What was the accumulated value of the RESP at the end of 7 years? Round to the nearest cent b. What was the accumulated value of the RESP at the end of 20 years? Round to the nearest cent c. What was the amount of interest earned over the 20-year period? Round to the nearest centKia deposited $1,100, at the BEGINNING of each year for 25 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. A. $73,441.24 B. $80,416.53 C. $86,849.86 D. $87,949.86If Jennifer contributes $500 every quarter into her superannuation fund for the next 45 years, how much will she accumulate assuming she can earn 8% p.a. and the first contribution is made immediately? Select one: a. $858,020.78 b. $652,810.16 c. $90,000.00 d. $875,181.20
- How much money should a grandparent deposit in a college savings fund today for their newborn grandchild in order to provide for 4 uniform annual end of period withdrawals of $20,000 each? The first withdrawal occurs at the end of the 17th year. Use average amount return for the fund = 12% a. $8,847 b. $9,909 c. $11,098 d. $12, 418 Please use excel and show formulas.Since the birth of his granddaughter, 20 years ago, Jacob has deposited $100 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.50% compounded monthly for the first 11 years and 5.00% compounded monthly for the next 9 years. a. What was the accumulated value of the RESP at the end of 11 years?Since the birth of his granddaughter, 18 years ago, Kristen has deposited $300 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 3.50% compounded monthly for the first 10 years and 4.00% compounded monthly for the next 8 years. a. What was the accumulated value of the RESP at the end of 10 years? Round to the nearest cent b. What was the accumulated value of the RESP at the end of 18 years? Round to the nearest cent c. What was the amount of interest earned over the 18-year period? Round to the nearest cent