Resp Accumulation
1. The problem asks for the accumulated value of the RESP (Registered Education Savings Plan) at the end of 11 years and 16 years, and the interest earned during the 16-year period.
2. To solve this, we need the principal amount, interest rate, and compounding frequency, which are not provided. Assuming the RESP grows with compound interest, the formula is:
$$A = P \left(1 + \frac{r}{n}\right)^{nt}$$
where $A$ is the accumulated amount, $P$ is the principal, $r$ is the annual interest rate (decimal), $n$ is the number of compounding periods per year, and $t$ is the number of years.
3. Without values for $P$, $r$, and $n$, we cannot calculate the exact accumulated values or interest earned.
4. Please provide the principal amount, interest rate, and compounding frequency to proceed with calculations.