Herb has made contributions of $2000 to his RRSP at the end of every six months for the past eight years. The plan has earned 9.5% compounded semiannually. He has just moved the funds to another plan, paying 8% compounded quarterly. He will now contribute $1500 at the end of every three months. What total amount will he have in the plan seven years from now?

Question

Quizplus · Accepted Answer

The Answer of Herb has made contributions of $2000 to his RRSP at the end of every six months for the past eight years. The plan has earned 9.5% compounded semiannually. He has just moved the funds to another plan, paying 8% compounded quarterly. He will now contribute $1500 at the end of every three months. What total amount will he have in the plan seven years from now?

Herb Has Made Contributions of $2000 to His RRSP at the End