Heather deposited $100 at the end of every month into an RRSP for 5 years. The interest rate earned was 5% compounded daily. What was the accumulated value of the RRSP at the end of the 5 years? Round to the nearest cent.
d=$100,r=5%,k=365d=\$100, r=5\%, k=365d=$100,r=5%,k=365
PN=d((1+r/k)Nk−1)r/k=100((1+5/365×1/100)365×5−1)5/100×1/365=$207322.05PN=\frac{d((1+r/k)^{Nk}-1)}{r/k} =\frac{100((1+5/365 \times 1/100)^{365\times 5} -1)}{5/100\times 1/365 } =\$207322.05PN=r/kd((1+r/k)Nk−1)=5/100×1/365100((1+5/365×1/100)365×5−1)=$207322.05
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