Since the birth of his daughter, 17 years ago, Kimberly has deposited $150 at the beginning of

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Question:

Since the birth of his daughter, 17 years ago, Kimberly has deposited $150 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 5.50% compounded monthly for the first 8 years and 5.10% compounded monthly for the next 9 years.

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

Round to the nearest cent

b. What would be the accumulated value of the RESP at the end of 17 years?

Round to the nearest cent

c. What is the amount of interest earned during the 17 year period?

Round to the nearest cent