How long will it take an RRSP to grow to $820,000 if it takes in month-end contribution of $1,200 and earns: (Do not roundintermediate calculations. Round up the number of contributions to the next integer.)a. 5.2% compounded monthly?years,b. 7.2% compounded monthly?month(s)years,years,c. 7.6% compounded monthly?month(s)years,month(s)d. 10.5% compounded monthly?month(s)

Using Excel's self explanatory function=NPER(r/12,-monthly payment, 0,future value)

Answered: a. 5.2% compounded monthly? years,…

a. 5.2% compounded monthly? years, month(s) b. 7.2% compounded monthly? month(s) years, c. 76% compounded monthly? month(s) - 10.5% compounded monthly? month(s) years, years,

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

Problem 1PS

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How long will it take an RRSP to grow to $385,000 if it takes in month-end contribution of $1,850 and earns: (Do not round intermediate calculations. Round up the number of contributions to the next integer. Do not round year up if months are 12) a. 5.9% compounded Monthly? years, month(s) b. 7.9% compounded Daily? years, month(s) c. 10.6% compounded Weekly? years, month(s) d. 11.6% compounded Biweekly? years, month(s)
3 How long will it take an RRSP to grow to $820,000 if it takes in month-end contribution of $1,200 and earns: (Do not round intermediate calculations. Round up the number of contributions to the next integer.) a. 5.2% compounded monthly? years, b. 7.2% compounded monthly? years, month(s) years, c. 7.6% compounded monthly? month(s) years, month(s) d. 10.5% compounded monthly? month(s)
How long will it take $100 to double if it earns the following rates? Compounding occurs once a year. Round your answers to two decimal places. a. 8%. = year(s) b.10%. = year(s) c. 20%. = year(s) d.100%. = year(s)
Please step by step solltion
How long will it take $700 to double if it earns the following rates? Compounding occurs once a year. Round your answers to two decimal places. a. 8%. year(s) b. 10%. year(s) C. 16%. year(s) d. 100%. year(s)
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