Maria contributed $100 from her paycheque at the beginning of every month from age 18 to...

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Maria contributed $100 from her paycheque at the beginning ofevery month from age 18 to 65 into RRSP account (no contribution onthe month of her 65-th birthday). Anna contributed $4000 at thebeginning of every year from age 35 to 55 into a similar RRSPaccount, then left the money in the fund to accumulate for another10 years (no contribution in the year of her 55-th birthday). Moneyearned 4.8% compounded daily in both RRSP accounts.
(i) Who had a greater accumulated value, and by how much, whenthey retired at age 65?
(ii) Calculate how much interest both Maria and Anna earned intheir RRSP accounts, respectively.

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a Maria Maria makes equal monthly contributions worth 100 each the beginning of every month starting from her 18th birthday and leading up to her 65th birthday but excluding the 65th birthday Interest Rate 48 compounded See Answer

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Maria contributed $100 from her paycheque at the beginning ofevery month from age 18 to 65 into RRSP account (no contribution onthe month of her 65-th birthday). Anna contributed $4000 at thebeginning of every year from age 35 to 55 into a similar RRSPaccount, then left the money in the fund to accumulate for another10 years (no contribution in the year of her 55-th birthday). Moneyearned 4.8% compounded daily in both RRSP accounts.(i) Who had a greater accumulated value, and by how much, whenthey retired at age 65?(ii) Calculate how much interest both Maria and Anna earned intheir RRSP accounts, respectively.