Since the birth of her daughter, 16 years ago, Solange has deposited $50 at the beginning of every month into an RESP. The interest rate on the plan was 4.8% compounded monthly for the first 8 years and 4.2% compounded monthly for the next 8 years. Calculate the value of the fund today(the end of a 16 year term). How much of this is interest?
The value of the fund is $153,417.76... View the full answer