Phil has systematically contributed $3000 to his RRSP at the beginning of every three months for the past 17 years.If the RRSP has earned 8.8% compounded quarterly, what is the value of Phil's RRSP today? (Do not round Intermedlate calculationsand round your final answer to 2 declmal places.)The value of the RRSP today$ 54600.00< Prev3 of 8Next >connect Liam purchases an annuity for $700,000 that provides beginning-of-month payments for 15 years.If the annuity earns 4.5% compounded monthly, what monthly payment will he receive? (Do not round Intermedlate calculations andround your final answer to 2 decimal places.)Liam will receive $ 5354.95 per month.ces< Prev6 of 8Next >connectll 0 4W

Since you have asked multiple questions, we will solve the first question for you. If you want any…

Phil has systematically contributed $3000 to his RRSP at the beginning of every three months for the past 17 years. If the RRSP has earned 8.8% compounded quarterly, what is the value of Phil's RRSP today? (Do not round Intermedlate calculations and round your final answer to 2 declmal places.) The value of the RRSP today $ 54600.00

Phil has systematically contributed $3000 to his RRSP at the beginning of every three months for the past 17 years. If the RRSP has earned 8.8% compounded quarterly, what is the value of Phil's RRSP today? (Do not round Intermedlate calculations and round your final answer to 2 declmal places.) The value of the RRSP today $ 54600.00

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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Concept explainers

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.

Question

100%

Phil has systematically contributed $3000 to his RRSP at the beginning of every three months for the past 17 years.
If the RRSP has earned 8.8% compounded quarterly, what is the value of Phil's RRSP today? (Do not round Intermedlate calculations
and round your final answer to 2 declmal places.)
The value of the RRSP today
$ 54600.00
< Prev
3 of 8
Next >
connect

Liam purchases an annuity for $700,000 that provides beginning-of-month payments for 15 years.
If the annuity earns 4.5% compounded monthly, what monthly payment will he receive? (Do not round Intermedlate calculations and
round your final answer to 2 decimal places.)
Liam will receive $ 5354.95 per month.
ces
< Prev
6 of 8
Next >
connect
ll 0 4
W

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Mr. Merkel has contributed $152.00 at the end of each six months into an RRSP paying 6% per annum compounded annually. Mr. Merkel has contributed $152.00 at the end of each six months into an RRSP paying 6% per annum compounded annually. How much will Mr. Merkel have in the RRSP after 10 years? (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) How much of the above amount is interest? (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
How much larger will the value of an RRSP be at the end of 20 years if the contributor makes month-end contributions of $500, instead of year-end contributions of $6000? In both cases, the RRSP earns 7.75% compounded semiannually?
Angela deposits $1500$⁢1500 into an account with an APR of 2.2%2.2% for 1111 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.
Bill needs to determine the equivalent value in 1 quarter of a payment of $1200 due in 3.33 quarters. Money is worth 7% compounded semiannually. Select one: a. $1138.22 b. $1249.14 c. $1152.79 d. $1108.92
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Andy invested a certain amount of money which he saves in account that earns 4% per year, compounded annually over a 15-year period. Starting in year 16, he begins making equal annual withdrawals $3500 for thenext 10 years. Assuming Andy's account is fully depleted after making these withdrawals, what is the amount invested in the account initially?
How much larger will the value of an RRSP be at the end of 20 years if the contributor makes month-end contributions of $670, instead of year-end contributions of $8,040? In both cases the RRSP earns 7.2% compounded semiannually. (Do not round intermediate calculations and round your final answer to 2 decimal places.) larger The RRSP will be
Mr. Kinders has contributed $189.00 at the end of each month into an RRSP paying 3% per annum compounded annually GILE How much will Mr. Kinders have in the RRSP after 12 years? (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.). How much of the above amount is interest? (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed)
Kaileika's retirement plan consists of contributing $123 at the end of each month into an RRSP. If the plan earns 5.5% compounded quarterly for the first fourteen years and 6.5% compounded semiannually thereafter, how much money will be in Kaileika's RRSP at the end of a thirty-three year term? Today = $ FV1 = + FV = $ $123 $123 14 years 45 Calculate the following values on the time diagram. $123 FVI + $123 47 years + $123 $123 ►FV2 a
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