1. Jennifer deposited $1,300 at the end of every month into an RRSP for 7 years. The interest rate earned was 3.50% compounded semi-annually for the first 4 years and changed to 3.75% compounded monthly for the next 3 years. What was the accumulated value of the RRSP at the end of 7 years?
2. A loan, amortized over 5 years, is repaid by making payments of $1,300 at the end of every month. If the interest rate is 5.25% compounded semi-annually, what was the loan principal?