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 roundintermediate 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)

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Answered: How long will it take an RRSP to grow…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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)
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Suppose an individual makes an initial investment of $2500 in an account that earns 7.8%. compounded monthly, and makes additional contributions of $100 at the end of each month for a period of 12 years. After these 12 years, this individual wants to make withdrawals at the end of each month for the next 5 years (so that the account balance will be reduced to s0). (a) How much is in the account after the last deposit is made? b) How much was deposited? (c) What is the amount of each withdrawal? (d) What is the total amount withdrawn?

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