Juliana has contributed $1,958.00 every six months for the last 11 years into an RRSP fund. The interest earned by these deposits was 6% compounded semi-annually for the first 4 years and 8% compounded semi-annually for the last 7 years. How much money is currently in the RRSP? The balance is $ (Round the final answer to the nearest cent as needed. Round intermediate values to four decimal places as needed.)

Juliana has contributed $1,958.00 every six months for the last 11 years into an RRSP fund. The interest earned by these deposits was 6% compounded semi-annually for the first 4 years and 8% compounded semi-annually for the last 7 years. How much money is currently in the RRSP? The balance is $ (Round the final answer to the nearest cent as needed. Round intermediate values to four decimal places as needed.)

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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Similar questions

Asa has invested money from the settlement of an insurance claim. She plans to withdraw $14,080 from her savings account at the end of each year for five years. If the payments are deferred for four years and interest is 8% compounded quarterly, what was the amount of the insurance settlement? The insurance settlement was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
Theodore makes beginning of year deposits of 3000 for 10 years into a fund earning interest at an annual effective interest rate of 5%. At the end of each year, the interest earned is deposited into a second fund earning interest at an annual effective interest rate of 6%. Find the total accumulated value of his assets at the end of 10 years.
Mr. Deneau accumulated $98000 in an RRSP. He converted the RRSP into a RRIF and started to withdraw $5400 at the end of every three months from the fund. If interest is 4.1% compounded annually, for how long can Mr. Deneau make withdrawals? State your answer in years and months (from 0 to 11 months).
A couple is planning to finance its three-year-old son's university education. Money can be deposited at 9% compounded quarterly. What quarterly deposit must be made from the son's 3rd birthday to his 18th birthday to provide $10000 on each birthday from the 18th to the 21st? (Note that the first deposit is made three months after the 3rd birthday and the last deposit is made on the date of the first withdrawal.) (keep 2 decimal places) Answer:
Pearl Alvarez is investing $323,200 in a fund that earns 8% interest compounded annually. What equal amounts can Pearl withdraw at the end of each of the next 20 years? (Round factor values to 5 decimal places, eg 1.25124 and final answer to O decimal places, eg. 458,581) Yearly withdrawals=
Shane contributed $2,250 at the end of every 3 months into an RRSP fund earning 2.41% compounded quarterly for 11 years. a. What is the future value of the fund at the end of 11 years? b. What is the amount of interest earned over this period?
Jeff wishes to accumulate $7,000 in 6 years. Use the appropriate formula to find the sinking fund payment she would need to make at the end of each year, at 7% interest, compounded annually. $942.12 $978.57 O $1,432.12 O $1,468.57
Blake contributed $658 at the end of every 3 months into an RRSP fund earning 2.3% compounded quarterly for 9 years. What is the amount of interest earned over this period? Round to the nearest cent Answer:
Sue has contributed $2,843.00 every three months for the last 11 years into an RRSP fund. The interest eamed by these deposits was 9% compounded quarterly for the first 5 years and 6% compounded quarterly for the last 6 years. How much money is currently in the RRSP? The balance is $ (Round the final answer to the nearest cent as needed. Round intermediate values to four decimal places as needed.).

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