Question

1-Liz invested $1,600 at the beginning of every 6 months in an RRSP for 11 years. For the first 7 years it earned interest at a rate of 3.90% compounded semi-annually and for the next 4 years it earned interest at a rate of 5.70% compounded semi-annually. a. Calculate the accumulated value of her investment at the end of the first 7 years. o $46,668.58 o $47,071.92 o $25,969.73 o $25,473.01 b. Calculate the accumulated value of her investment at the end of 11 years. o $46,668.58 o $40,525.30 o $47,071.92 o $25,969.73 c. Calculate the amount of interest earned from the investment. o $11,871.92 o $10,116.35 o $11,468.58 o $1,755.57 2- You invested $6,000 at the end of each year for 7 years in an investment fund. If the balance in the fund at the end of 7 years was $56,000, what was the nominal interest rate compounded annually? % Round to two decimal places Sophie purchased a house for $325,000. She made a downpayment of 10.00% of the value of the house and received a mortgage for the rest of the amount at 5.92% compounded semi-annually amortized over 25 years. The interest rate was fixed for a 6 year period. a. Calculate the monthly payment amount. o $1,857.55 o $1,860.30 o $1,854.82 o $8,659.37 b. Calculate the principal balance at the end of the 6 year term. o $254,970.35 o $255,722.83 o $255,345.44 o $292,168.06 c. Calculate the monthly payment amount if the mortgage was renewed for another 6 years at 5.02% compounded semi-annually? o $1,730.09 o $1,732.64 o $1,735.20 o $1,982.50

          1-Liz invested $1,600 at the beginning of every 6 months in an RRSP for 11 years. For the first 7 years it earned interest at a rate of 3.90% compounded semi-annually and for the next 4 years it earned interest at a rate of 5.70% compounded semi-annually. a. Calculate the accumulated value of her investment at the end of the first 7 years. o $46,668.58 o $47,071.92 o $25,969.73 o $25,473.01 b. Calculate the accumulated value of her investment at the end of 11 years. o $46,668.58 o $40,525.30 o $47,071.92 o $25,969.73 c. Calculate the amount of interest earned from the investment. o $11,871.92 o $10,116.35 o $11,468.58 o $1,755.57 2- You invested $6,000 at the end of each year for 7 years in an investment fund. If the balance in the fund at the end of 7 years was $56,000, what was the nominal interest rate compounded annually? % Round to two decimal places Sophie purchased a house for $325,000. She made a downpayment of 10.00% of the value of the house and received a mortgage for the rest of the amount at 5.92% compounded semi-annually amortized over 25 years. The interest rate was fixed for a 6 year period. a. Calculate the monthly payment amount. o $1,857.55 o $1,860.30 o $1,854.82 o $8,659.37 b. Calculate the principal balance at the end of the 6 year term. o $254,970.35 o $255,722.83 o $255,345.44 o $292,168.06 c. Calculate the monthly payment amount if the mortgage was renewed for another 6 years at 5.02% compounded semi-annually? o $1,730.09 o $1,732.64 o $1,735.20 o $1,982.50

1-Liz invested 1,600 at the beginning of every 6 months in an RRSP for 11 years. For the first 7 years it earned interest at a rate of 3.90% compounded semi-annually and for the next 4 years it earned interest at a rate of 5.70% compounded semi-annually. a. Calculate the accumulated value of her investment at the end of the first 7 years. o $46,668.58 o $47,071.92 o $25,969.73 o $25,473.01 b. Calculate the accumulated value of her investment at the end of 11 years. o $46,668.58 o $40,525.30 o $47,071.92 o $25,969.73 c. Calculate the amount of interest earned from the investment. o $11,871.92 o $10,116.35 o $11,468.58 o $1,755.57 2- You invested $6,000 at the end of each year for 7 years in an investment fund. If the balance in the fund at the end of 7 years was $56,000, what was the nominal interest rate compounded annually? % Round to two decimal places Sophie purchased a house for $325,000. She made a downpayment of 10.00% of the value of the house and received a mortgage for the rest of the amount at 5.92% compounded semi-annually amortized over 25 years. The interest rate was fixed for a 6 year period. a. Calculate the monthly payment amount. o $1,857.55 o $1,860.30 o $1,854.82 o $8,659.37 b. Calculate the principal balance at the end of the 6 year term. o $254,970.35 o $255,722.83 o $255,345.44 o $292,168.06 c. Calculate the monthly payment amount if the mortgage was renewed for another 6 years at 5.02% compounded semi-annually? o $1,730.09 o $1,732.64 o $1,735.20 o $1,982.50

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