Harry opens an RESP earning 3.2% compounded quarterly to help fund his son's education. Harry makes beginning-of-month deposits of $150 into the
RESP for 12 years, at which time his son will be going to college.
How much can the son withdraw at the beginning of each 6 month period for the four years that he is in college? Roundoff answer ro nearest cent. Use python

Harry's son can withdraw $3,545.23 at the beginning of each 6-month period for the four years he is in college.

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Here are 5 related questions you might ask:
1. How do I calculate the future value of an investment with monthly deposits and quarterly compounding?
2. What is the formula for determining the withdrawal amount in an annuity?
3. How does compounding frequency affect the future value of an investment?
4. Can you explain the concept of semi-annual compounding?
5. How would the withdrawal amount change if the interest rate were different?

Tip: When calculating investments, always consider the effect of compounding frequency on the future value and withdrawals.

Discover how to calculate RESP withdrawals for college funding using compound interest and annuity formulas. Harry makes monthly deposits into an RESP earning 3.2% compounded quarterly over 12 years, resulting in his son being able to withdraw $3,545.23 at the beginning of each 6-month period during college.

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