Mr. Hughes has contributed $4000.00 per year for the last ten years into a RRSP account earning 9.00% compounded annually. Suppose he leaves the accumulated contributions for another five years in the RRSP at the same rate of interest. A) How much will Mr. Hughes have in total in his RRSP account? B) How much did Mr. Hughes contribute? C) How much will be interest?

A) $93,504.818

B) $40,000

C) $53,504.818

Step-by-step explanation:

Yearly contribution ( periodic payment) = $4000

Period (p) = 10years

Additional period(y) = 5years

Annual interest(r) = 9% = 0.09

Future value (FV) =

periodic payment [(1 + r)^y - 1] / r

4000 [(1 + 0.09)^10 - 1 / 0.09]

4000[1.09^10 - 1 / 0.09]

4000[1.3673636 / 0.09]

4000(15.192929)

= 60771.716

If left for five more years:

FV = 60771.716(1 + r)^n

FV = 60771.716(1 + 0.09)^5

FV = 60771.716(1.09)^5

FV = 60771.716(1.5386239549)

FV = $93,504.818

B) MR. HUGHES CONTRIBUTION :

Periodic payment × p ; $4000 was deposited annually for 10 years.

$4000 × 10 = $40,000

C) Interest = Future value - contribution

$93,504.818 - $40,000

= $53,504.818

the entire expression should be subtracted from 30. to subtract the quantity, distribute the negative sign, which changes the signs on the terms. so, the –2 changes to positive and gets added to 30 instead of subtracted from it.

hope this ! ^w^

inch

step-by-step explanation:

yard and mile are too big.