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Mr. Nowak has contributed ?$106.00 at the end of each month into an RRSP paying 3% per annum compounded annually.

1) How much will Mr. Nowak have in the RRSP after 15 ?years?

2) How much of the above amount is? interest?

 

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1) The value of RRSP is $24,059.11.

2) The interest amount is $4,979.11.

1) Computation of the value of RRSP after 15 years:

Hence, the value of RRSP is $24,059.11.

2) Computation of the interest:

Hence, the interest amount is $4,979.11.

Please see the attached file for the complete solution

 

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