$3500 will be contributed to an RRSP at the end of every six months for 20 years....
Question:
$3500 will be contributed to an RRSP at the end of every six months for 20 years. What effective rate of return must the plan earn if it is to be worth $250,000 at the end of the 20 gears?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
Given PMT 3500 n 220 40 FV 250000 Substit...View the full answer
Answered By
Jonas Araujo
I have recently received the degree of PhD. In Physics by the Universidade Federal do Maranhão after spending a term in Durham University, as I have been awarded a scholarship from a Brazilian mobility program. During my PhD. I have performed research mainly in Theoretical Physics and published works in distinguished Journals (check my ORCID: https://orcid.org/0000-0002-4324-1184).
During my BSc. I have been awarded a scholarship to study for a year in the University of Evansville, where I have worked in detection-analysis of photon correlations in the the Photonics Laboratory. There I was a tutor in Electromagnetism, Classical Mechanics and Calculus for most of that year (2012).
I am very dedicated, honest and a fast learner, but most of all, I value a job well done.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
Question Posted:
Students also viewed these Mathematics questions
-
$2000 will be contributed to an RRSP at the end of every six months for 20 years. What effective rate of return must the funds in the plan earn if it is to be worth $250,000 at the end of the 20...
-
If RRSP contributions of $3030.02 at the end of every six months are projected to generate a plan worth $500,000 in 25 years, what nominal and effective rates of return were assumed in the forecast?
-
Herb has made contributions of $2000 to his RRSP at the end of every six months for the past eight years. The plan has earned 9.5% compounded semiannually. He has just moved the funds to another plan...
-
With the company expanding into several new markets in the coming months, Cable & Moore was anticipating a large increase in sales revenue. The future looked bright for this provider of...
-
Consider a cogeneration power plant modified with regeneration. Steam enters the turbine at 5 MPa, 450oC and expands to a pressure of 0.6 MPa. At this pressure, 65% of the steam is extracted from the...
-
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2018, John worked as a computer technician at a local university earning a salary of $152,000, and...
-
The sky hook is used to support the cable of a scaffold over the side of a building. If it consists of a smooth rod that contacts the parapet of a wall at points A, B, and C, determine the normal...
-
A major problem in packaging very large-scale integrated (VLSI) circuits concerns cooling of the circuit elements. The problem results from increasing levels of power dissipation within a chip, as...
-
An office building has three floors of rentable space with a single tenant on each floor. The first floor has 20,000 square feet of rentable space and is currently renting for $15 per square foot....
-
Your company is considering deploying a chatbot, a virtual customer assistant, to initially handle customer service calls and, only when necessary, route callers to human operators for additional...
-
a. How long will it take monthly payments of $400 to repay a $50,000 loan if the interest rate on the loan is 8% compounded semiannually? b. How much will the time to repay the loan be reduced if the...
-
Ernie's Electronics sells an HD LED television priced at $2395 for $100 down and payments of $100 per month, including interest at 9.6% compounded monthly. How long after the date of purchase will...
-
Euro Designs, Inc., expects sales during 2016 to rise from the 2015 level of $3.5 million to $3.9 million. Because of a scheduled large loan payment, the interest expense in 2016 is expected to drop...
-
Describe the importance of Vocal and Physical delivery. Public communication
-
How does the dynamic viscosity of a non-Newtonian fluid, characterized by its dependence on shear rate and time, influence the flow behavior and resistance within complex geometries, and what...
-
QUESTION 8 Year 2 Year 1 For the year ended December 31 $8,500 $6,500 Revenues Expenses Net Income 5,500 4,000 At December 31 Year 2 Year 1 Assets $15,500 $9,000 Liabilities Stock Retained Earnings...
-
Budgeted sales are $982,000, break-even sales are $932,200, and fixed expenses are $429,000. The company's budgeted margin of safety in dollars is?
-
discuss the role of non-Newtonian fluid behavior in shaping flow dynamics and transport phenomena in systems characterized by complex rheological properties, such as shear-thinning fluids,...
-
Farr Industries Inc. manufactures only one product. For the year ended December 31, the contribution margin increased by $560,000 from the planned level of $5,200,000. The president of Farr...
-
Software Solution is family-owned business that has been in operation for more than 15 year. The board of directors is comprised of mainly family members, plus a few professionals such as an...
-
Assess whether a sibling history of ear infection is associated with OTM incidence in the first year of life? Otolaryngology A longitudinal study was conducted among children in the Greater Boston...
-
Obtain the measurement-error-corrected logistic regression coefficient and standard error for each of the hormones in Table 13.51? The hormones in Table 13.51 were also included in the...
-
Obtain the uncorrected logistic-regression coefficients and standard errors for each of the hormones in Table 13.51? Cancer, Endocrinology In the study presented in Example 13.75 (p. 748), other...
-
Can we justify the acquisition of Peloton Interactive Inc using NPV assuming the initial investment is 10% of the total market value of the company, 5% constant growth rate for the next three years...
-
Rivan Co. is considering a new three-year expansion project that requires an initial fixed asset investment of $2.18 million in a large building. The fixed asset applies three year MACRS for tax...
-
Mary would like to save $10,000 at the end of 5 years for a future down payment on a car. How much should she deposit at the end of each month in a savings account that pays 1.2%/a, compounded...
Study smarter with the SolutionInn App