Home 1. Mr. and Mrs. Fox have each contributed $3000.00 per year for the last 15 year

1. Mr. and Mrs. Fox have each contributed $3000.00 per year for the last 15 year

1. Mr. and Mrs. Fox have each contributed $3000.00 per year for the last 15 years into RRSP accounts earning 6.5% compounded annually. Suppose they leave their accumulated contributions for another three years in the RRSP at the same rate of interest.
a) How much will Mr. and Mrs. Fox have in total in their RRSP accounts?
b) How much did they contribute?
2. Leanne Simon made ordinary annuity payments of $100.00 per month for 15 years earning 4.5% compounded monthly. How much interest is included in the future value of the annuity?
3. Find the present value of payments of $960 made at the beginning of every month for seven years if money is worth 6% compounded monthly.
4. A loan of $6000 was repaid by quarterly payments of $450. If interest was 12% compounded monthly, how long did it take to pay back the loan?

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