Zara :
tuition costs. they deposti the money into a RESP account so that no tax is payable on the interest income. this RESP account provides a return of 6 percent per year.
1. how much will jane’s account be worth when she begins her university studies?
2. as an incentive to save for higher education, the government will add 20 percent to any money contribute to an RESP each year. including these grants, how much will Jane have in her account?
i need to check my answer for the second part with someone pleaseeeeeeee
i didn’t know how to message you but i got $33,855.45 for part b
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It is not easy
-parents – 01/01/01 +1000.00
-RESP – 12/31/01 1000 + 6% = 1060.00
-government 12/31/01 1000+20% = 1200
and so on
Your question is very difficult with amout of information you provide. All will depend on day of deposit (by parents), interest pay by RESP, day when government will add 20%, etc
dig out the BA-35, or any other business calculator. it is a very easy problem. I just did it really quickly. tell me what you got and i will tell you if it matches my answer. you should get an answer in the area of 31,000
I wish there really was such a program
edit: Mine ended with .55 but different calculators round things differently