Randy opened an RRSP deposit account on December 1, 2008, with a deposit of $1800 He added $1800 on December 1, 2010, and $1800 on July 1, 2012. How much is in his account on October 1, 2016, if the deposit earns 5.5% p.a. compounded monthly? ....... The amount in the account is $

Randy opened an RRSP deposit account on December 1, 2008, with a deposit of $1800 He added $1800 on December 1, 2010, and $1800 on July 1, 2012. How much is in his account on October 1, 2016, if the deposit earns 5.5% p.a. compounded monthly? ....... The amount in the account is $

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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Question

Randy opened an RRSP deposit account on December 1, 2008, with a deposit of $1800. He added $1800 on December 1, 2010, and $1800 on July 1, 2012. How much is in his
account on October 1, 2016, if the deposit earns 5.5% p.a. compounded monthly?
The amount in the account is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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