3How 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?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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Essentials Of Investments

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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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Question

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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