Since the birth of her granddaughter, 18 years ago, Jenna has deposited $200 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 4.25% compounded monthly for the first 8 years and 4.50% compounded monthly for the next 10 years.

a. What was the accumulated value of the RESP at the end of 8 years?

b. What was the accumulated value of the RESP at the end of 18 years?

c. What was the amount of interest earned over the 18-year period?

Answer rating: 100% (QA)

Answer Since the birth of her granddaughter 18 years ago Jenna has deposited 200 at the beginning ... View the full answer