+598 Josef invested $1750 in an RRSP that earned interest at 5% compounded semi-annually for eight years.
(a) find the balance of the account at the end of the period.
(b)How much interest is earned?
(c) What is the effective rate of interest?
Any help would be greatly appreciated thanks
Josef invested $1750 in an RRSP that earned interest at 5% compounded semi-annually for eight years.
(a) find the balance of the account at the end of the period.
(b)How much interest is earned?
(c) What is the effective rate of interest?
a- $2,597.88
b-$847.88
c-5% semi-annual comp.=5.06% effective annual rate.
