Hi there,

If you can help me solve these multiple-choice questions that would be great. No need for any work. Much appreciated

Thank you! :)

Question 1; An RESP (Registered Educational Savings Plan) earns interest at a rate of 5% per year, compounded annually. Jasmine's parents invest $4,000 into the account today. Approximately how long will it take for the investment to triple?

(a) 21.5 years

(b) 20.5 years

(c) 23.5 years

(d) 22.5 years

Question 2: A$1000investmentearns2.5% per year, compounded annuallyfor3years.Howmuchis the investment worth atmaturity?

(a) $1076

(b) $10,760

(c) $1953

(d)$9843

Question 3: What should you invest now to ensure you have $25 000 in 5 years, if your account offers 2.5% per annum, compounded daily?

(a) $22,062.52

(b) $220.62

(c) $293.75

(d) $2,937.48

Thank you!