## Question

###### Grace saved $500 at the end of every month in an RRSP for fiveyears and thereafter $600 at the end of every month for the nextthree years. If the investment was growing at 3% compoundedmonthly, calculate the maturity value of her RRSP at the end ofeight years.

Grace saved $500 at the end of every month in an RRSP for five years and thereafter $600 at the end of every month for the next three years. If the investment was growing at 3% compounded monthly, calculate the maturity value of her RRSP at the end of eight years.

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