SOLUTION: Anju started an RRSP account on December 1,2014,with 2000.She added 2000 on july 1,2016, and 2000 on December 1,2018.How much is in her account on January 1,2020,if her deposit ear
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Anju started an RRSP account on December 1,2014,with 2000.She added 2000 on july 1,2016, and 2000 on December 1,2018.How much is in her account on January 1,2020,if her deposit ear
Log On
Question 1148978: Anju started an RRSP account on December 1,2014,with 2000.She added 2000 on july 1,2016, and 2000 on December 1,2018.How much is in her account on January 1,2020,if her deposit earns 3% p.a.compounded monthly Answer by ikleyn(52786) (Show Source):
It works as if the first deposit of 2000 accumulates money through compounding during 1 + 12*5 = 61 months from Dec.1 2014 to Jan,1 2020;
the second deposit of 2000 accumulates money through compounding during 6 + 12*3 = 42 months from Dec.1 2014 to Jan,1 2020;
the third deposit of of 2000 accumulates money through compounding during 1 + 12 = 13 months from Dec.1 2018 to Jan,1 2020.
So, the formula is
Final value = + + = 6616.16 monetary units. ANSWER
