1.Aaron contributed $1,500 to his RRSP at the end of every half-year. What was the value of his RRSP after 12.5 years if the RRSP grew at 3.1% compounded semiannually? (Round your final answer to 2 decimal places.)
 
Value of RRSP           $ 

 

2.Dave has saved $25,000 for a down payment on a home and plans to save another $5500 at the end of each year for the next six years. He expects to earn 2.50% compounded annually on his savings. How much will he have in six years' time? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
 
Future value           $ 

 

3.If money can earn 8.4% compounded monthly, how much more money is required to fund an ordinary annuity paying $340 per month for 25 years than to fund the same monthly payment for 15 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
 
$  more is required