Pascal has recently opened an RRSP. He plans to deposit $ 647 at the end of every month for 25 years. The account will compound interest semi-annually at the nominal rate of 6.7 %. How much money will Pascal have in his account immediately after his last deposit?a. $ 522341.09b.$ 492774.61c. $ 512485.60d.$ 532196.58e.$ 502630.10
Pascal has recently opened an RRSP. He plans to deposit $ 647 at the end of every month for 25 years. The account will compound interest semi-annually at the nominal rate of 6.7 %. How much money will Pascal have in his account immediately after his last deposit?a. $ 522341.09b.$ 492774.61c. $ 512485.60d.$ 532196.58e.$ 502630.10
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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Question
![Pascal has recently opened an RRSP. He plans to deposit $ 647 at the end of
every month for 25 years. The account will compound interest semi-annually at
the nominal rate of 6.7 %. How much money will Pascal have in his account
immediately after his last deposit?a. $ 522341.09b.$ 492774.61c. $ 512485.60d.$
532196.58e.$ 502630.10](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2dcca629-53b5-454f-9c4b-2da7ba7ac193%2Fbed61046-fca4-4259-b1d0-ce0a9e3df98d%2F7igga68_processed.png&w=3840&q=75)
Transcribed Image Text:Pascal has recently opened an RRSP. He plans to deposit $ 647 at the end of
every month for 25 years. The account will compound interest semi-annually at
the nominal rate of 6.7 %. How much money will Pascal have in his account
immediately after his last deposit?a. $ 522341.09b.$ 492774.61c. $ 512485.60d.$
532196.58e.$ 502630.10
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