Brandon invested $1,900 at the beginning of every 6 months in an RRSP for 11 years. For the first 6 years it earned interest at a rate of 4.60% compounded semi-annually and for the next 5 years it earned interest at a rate of 5.50% compounded semi-annually.
a. Calculate the accumulated value of her investment at the end of the first 6 years.
$56,308.43
$56,900.57
$25,917.20
$26,513.29
b. Calculate the accumulated value of her investment at the end of 11 years.
$56,308.43
$56,900.57
$48,637.68
$26,513.29
c. Calculate the amount of interest earned from the investment.
$15,100.57
$14,508.43
$11,976.18
$3,124.39