Question: To start saving for retirement, Edward opens an RRSP that earns interest at a rate of 4.7% compounded quarterly. Edward makes deposits of $550 at

To start saving for retirement, Edward opens an RRSP that earns interest at a rate of 4.7% compounded quarterly. Edward makes deposits of $550 at the end of every quarter for nine years. At the end of the nine years, Edward switches his deposits to $170 at the end of every month for 15 years.

Please include a well-labelled timeline diagram. Full solutions should be shown on separate sheets of paper. Submit your solutions.

a. How much money does Edward have in this RRSP at the end of the 24 years?

Round to the nearest cent

b. How much interest did Edward's RRSP earn?

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