How much did Speedy Movers borrow for a debt that accumulated to $57,222.53 in three...

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How much did Speedy Movers borrow for a debt that accumulated to $57,222.53 in three years? The interest rate was 4.25% compounded quarterly. Round to the nearest cent Erik invested his savings into a Registered Retirement Savings Plan (RRSP) at an interest rate of 3.75% compounded semi-annually. After one year, his investment grew to $24,600; however, the interest rate on the RRSP changed to 4.00% compounded quarterly and remained constant for the next two years. a. Calculate the original amount he invested into the RRSP. Round to the nearest cent b. Calculate the accumulated value of the investment at the end of three years (two Question 8 of 9 . a. Calculate the original amount he invested into the RRSP. $ Round to the nearest cent b. Calculate the accumulated value of the investment at the end of three years (two years after the rate change). $ Round to the nearest cent

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To solve the problems presented we will use the formulas for compound interest Lets break down each question step by step Question 1 Speedy Movers Debt Given Future Value FV 5722253 Interest Rate r 425 per annum 00425 Time t 3 years Compounding Frequency n 4 quarterly Formula The formula for compound interest is FV P left1 fracrnrightnt Where P Principal amount the amount borrowed FV Future value r Annual interest rate decimal See Answer

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