Allison Started an RRSP on March 1, 2011, with a Deposit

question 91

Essay

Allison started an RRSP on March 1, 2011, with a deposit of $2470.00. She added $1900.00 on December 1, 2012, and $1850.00 on September 1, 2013. What is the accumulated value of her account on December 1, 2015, if interest is 7.24% compounded quarterly?

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Definitions:

Trade Discount

A reduction in the listed price of goods or services offered by a vendor to buyers in the same trade.

Personal Video Recorder

An electronic device or software application that records video in a digital format to a disk drive or other memory medium within a device.

Suggested Retail Price

The price that manufacturers recommend retailers to sell their products for to consumers.

Mark-Up

The markup on goods’ cost intended to defray overhead expenditures and yield profit.