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A new RRSP is set up with monthly contributions of $300 for five years earning 9% compounded semi-annually. The RRSP will have $22,695.85 when complete The first payment is today. Determine the type of annuity. Note: Please enter the type of annuity only. Answer:

A new RRSP is set up with monthly contributions of $300 for five years earning 9% compounded semi-annually. The RRSP will have $22,695.85 when complete The first payment is today. Determine the type of annuity. Note: Please enter the type of annuity only. Answer:

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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A new RRSP is set up with monthly contributions of $300 for five years earning 9% compounded semi-annually, The RRSP will have $22,695.85 when complete The first payment is today. Determine the type of annuity. Note: Please enter the type of annuity only. Answer
Transcribed Image Text:A new RRSP is set up with monthly contributions of $300 for five years earning 9% compounded semi-annually, The RRSP will have $22,695.85 when complete The first payment is today. Determine the type of annuity. Note: Please enter the type of annuity only. Answer
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