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Let's break down the questions one by one and solve them.

**Part (a): How much will Mr. Hughes have in total in his RRSP account?**

Given:
- Mr. Hughes contributes $4000 per year for 10 years.
- Interest rate = 9% compounded annually.
- He leaves the accumulated amount for another 5 years at the same interest rate.

We will solve this problem in two steps:

1. **Step 1: Future Value of an Annuity Formula** (to calculate the value of contributions after 10 years of annual contributions):
   
   \[
   FV = P \times \frac{(1 + r)^n - 1}{r}
   \]
   where:
   - $ P = 4000 $ (annual contribution),
   - $ r = 0.09 $ (interest rate per year),
   - $ n = 10 $ (number of years).

2. **Step 2: Compound Interest Formula** (to calculate how much the accumulated amount will grow in 5 more years):
   
   \[
   A = P \times (1 + r)^n
   \]
   where:
   - $ P $ is the future value from Step 1,
   - $ r = 0.09 $,
   - $ n = 5 $ (additional 5 years).

---

**Part (b): How much did Mr. Hughes contribute?**

This is simple:
\[
\text{Total Contributions} = 4000 \times 10 = 40000
\]

---

**Part (c): How much will be in interest?**

The interest is the difference between the total amount in the RRSP (from part (a)) and the total contributions (from part (b)).

\[
\text{Interest} = \text{Total Amount} - \text{Total Contributions}
\]

---

**Part (d): Loan Interest Calculation**

For the loan repayment with monthly payments of $715.00 over 7 years at 9.12%, compounded monthly, we will use the **Loan Amortization Formula**. Let’s calculate that separately.

I'll now calculate these values step by step.Here are the results:

- **(a)** Mr. Hughes will have **$93,504.82** in total in his RRSP account after 15 years.
- **(b)** He contributed a total of **$40,000** over 10 years.
- **(c)** The interest earned will be **$53,504.82**.

Would you like me to calculate the loan interest from part (d) or explain any of the steps in more detail? 

Here are 5 related questions for practice:
1. How would the total amount change if Mr. Hughes contributed for 15 years instead of 10?
2. What would happen if the interest rate was compounded semi-annually instead of annually?
3. How much would Mr. Hughes have if the interest rate were 8% instead of 9%?
4. What if Mr. Hughes stopped contributing after 5 years? How would that affect the final amount?
5. How would the final amount change if he contributed $5000 annually instead of $4000?

**Tip**: Compound interest accelerates growth over time, so leaving money in an account longer dramatically increases the final amount!

Mr. Hughes has contributed $4000.00 per year for the last ten years into a RRSP account earning 9.00% compounded annually. Suppose he leaves the accumulated contributions for another five years in the RRSP at the same rate of interest. a) How much will Mr. Hughes have in total in his RRSP account? b) How much did Mr. Hughes contribute? c) How much will be interest? d) If a loan was repaid by ordinary monthly payments of $715.00 in seven years at 9.12%, compounded monthly, how much interest was paid?

Learn how to calculate the future value of an RRSP account with $4000 yearly contributions over 10 years at 9% interest compounded annually, followed by 5 additional years of growth. Discover the total contributions, interest earned, and solve a loan repayment problem with monthly payments at 9.12% compounded monthly.

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