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At 7.8% compounded monthly, how long would it take to accumulate $14,000 if you started with $10,500?

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1. At 7.8% compounded monthly, how long would it take to accumulate $14,000 if you started with $10,500?

Ans: 44.4 months

2. You start a RRSP on November 1, 1995 with a deposit of $3500, you add $2000 on Nov. 1, 1997 and $5500 on Nov. 1, 1999. If interest is 11% p.a. compounded quarterly, what will you have on February 1, 2002?

Ans: 17,089.18

3. Find the amount to which $4000 will grow if invested at 11% compounded daily from March. 1, 1997 to Sept. 1, 2002

Ans: $7329.86

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