Liam is investing $2,000 per year into his RRSP for five years at 3.5% compounded annually. Then he will add $1,500 every six months for the next five years at 3.75% compounded semi-annually. How much will Liam have in his account in total after 10 years?

Compounded Semi-Annually

Interest that is compounded semi-annually is applied to the principal amount twice a year, leading to an increase in the overall amount of interest earned compared to simple interest.

RRSP

Registered Retirement Savings Plan, a tax-deferred account aimed at helping Canadians save for retirement.

Annual Contributions

Payments or deposits made into a financial account or investment plan once every year.