Alice keeps meaning to invest more in her RRSP, Her original plan was to invest $6000 eight months ago and an additional $7000 in four months. Unfortunately due to unforseen circumstances; she was not able to make her original payment and wants to restructure her payments. She is now hoping to invest $8000 in six months and make another payment in one year. If her RRSP earns 6% compounded monthly, how much should her second payment be in order to have the same value as her original plan? Answer: Check

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
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Alice keeps meaning to invest more in her RRSP. Her original plan was to invest $6000 eight months ago and an additional $7000 in four months. Unfortunately due to
unforseen circumstances; she was not able to make her original payment and wants to restructure her payments. She is now hoping to invest $8000 in six months and make
another payment in one year. If her RRSP earns 6% compounded monthly, how much should her second payment be in order to have the same value as her original plan?
Answer:
Check
Transcribed Image Text:Alice keeps meaning to invest more in her RRSP. Her original plan was to invest $6000 eight months ago and an additional $7000 in four months. Unfortunately due to unforseen circumstances; she was not able to make her original payment and wants to restructure her payments. She is now hoping to invest $8000 in six months and make another payment in one year. If her RRSP earns 6% compounded monthly, how much should her second payment be in order to have the same value as her original plan? Answer: Check
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