ME7 Mr. Smith has made payments of $1250 at the end of each quarter into an RRSP for the last four years. Interest at 12% compounded quarterly was earned. He decides to leave the accumulated money in the RRSP for another two years and not make any further payments to his RRSP. How much money will he have in his RRSP two years from now if the interest rate remains the same?.,.pls give correct answer soon I'll upvote

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.