Keiko has already accumulated $150,000 in her RRSP. She intends to continue to grow her RRSP by
Question:
Keiko has already accumulated $150,000 in her RRSP. She intends to continue to grow her RRSP by making contributions of $500 at the beginning of every month. How much will her RRSP be worth 15 years from now if the RRSP earns 6% compounded annually?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (7 reviews)
Given PV 150000 PMT 500 n 1215 180 i j 6 Compoundin gs per ye...View the full answer
Answered By
Sarfraz gull
have strong entrepreneurial and analytical skills which ensure quality tutoring and mentoring in your international business and management disciplines. Over last 3 years, I have expertise in the areas of Financial Planning, Business Management, Accounting, Finance, Corporate Finance, International Business, Human Resource Management, Entrepreneurship, Marketing, E-commerce, Social Media Marketing, and Supply Chain Management.
Over the years, I have been working as a business tutor and mentor for more than 3 years. Apart from tutoring online I have rich experience of working in multinational. I have worked on business management to project management.
5.00+
3+ 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
-
If you save $75 at the beginning of every month for 10 years, for how long can you withdraw $260 at the beginning of each month, starting 10 years from now, assuming that interest is 6% compounded...
-
If contributions of $1500 at the beginning of every three months resulted in an RRSP worth $327,685 after 20 years, what quarterly compounded nominal rate and effective rate of return did the RRSP...
-
How much will have to be invested at the beginning of each year at 10%, compounded annually, to pay off a debt of $50,000 in 8 years? (a) State whether the problem relates to an ordinary annuity or...
-
A taxpayer had the following income: a.) Gain on sale of domestic stocks - P200,000............ b.) Gain on sale of foreign bonds - P100,000............ c.) Gain on sale of a commercial lot in...
-
Consider an ideal gas turbine cycle with two stages of compression and two stages of expansion. The pressure ratio across each stage of the compressor and the turbine is 2. Air (use the IG model)...
-
Joel Deaine, CEO of Deaine Enterprises Inc. (DEI), is considering a special offer to manufacture a new line of womens clothing for a large department store chain. DEI has specialized in designer...
-
\(P(A)=73 \%, P\left(A^{\prime} ight)=27 \%, P(B \mid A)=46 \%\), and \(P\left(B \mid A^{\prime} ight)=52 \%\) According to Bayes' Theorem, the probability of event A, given that event B has...
-
Two Wheeler, a bike shop, opened for business on April 1. It uses a periodic inventory system. The following transactions occurred during the first month of business: April 1: Purchased five units...
-
You (and your team) are employed as Management Accountants working for Qantas Airways. You have been given the task of recommending a new business strategy for Qantas Airways. Question 1 1. Using...
-
Can you tell whether a good is normal or inferior by looking at the shape of a single indifference curve? Explain your answer.
-
On December 31, 2016 Jacob borrowed $15,000 from his mother. They agreed that the loan would carry interest at 9% compounded quarterly, and would be repaid with five equal payments made on December...
-
A loan will be repaid with $580 payments at the end of every month for 8 years. The loan carries an interest rate of 8% compounded quarterly. Rounded to the nearest dollar, how much was the original...
-
Write a method called filterRange that accepts an ArrayList of integers and two integer values min and max as parameters and removes all elements whose values are in the range min through max...
-
What is the importance of internal analysis in an organization and how can it help identify key areas to improve its competitiveness?
-
Raul Salazar has just started the 4th grade. He was referred to the school's multidisciplinary team because of reports of difficulties in school, such as not following instructions and not completing...
-
Swan Bank has assets of $32.92 billion. The bank estimates total risk-weighted assets of $14.64 billion. Assuming Basel III requirements, how much ( $millions ) must be CET1 capital out of Swan...
-
The following three ply glass fiber/ epoxy configuration [0/45/90], is subjected to a load (stress resultants) of Nx = Ny=1200 N/m. (each ply has fiber volume fraction of 0.6) Note that (Nxy=0 N/m...
-
In the figure below, m m1 = 11.0 kg and m = 3.9 kg. The coefficient of static friction between m and the horizontal surface is 0.60, and the coefficient of kinetic friction is 0.30. mq (a) If the...
-
Data for investments in debt are presented in EH-6. Assume instead that the investments are classified as available-for-sale securities with the same cost and fair value data. The securities are...
-
on 8 For the following set of lengths 130, 170, 160, 160, 150, 190 Third quartile is: et red d out of Select one: O a. 160 a question O b. 145 O c. 175 O d. 180
-
Research objective: The population mean is not equal to 1,500. = 220, n = 125, x = 1525 Calculate the p-value of the test to determine that there is sufficient evidence to infer each research...
-
Research objective: The population mean is greater than 7.5. = 1.5, n = 30, x = 8.5 Calculate the p-value of the test to determine that there is sufficient evidence to infer each research objective.
-
You are the pilot of a jumbo jet. You smell smoke in the cockpit. The nearest airport is less than 5 minutes away. Should you land the plane immediately? feature nonstatistical applications of...
-
Give the worst-case Big O running time of this code and explain in detail how you arrived at this answer, assuming an ArrayList is passed. public static void f1( List 1st) { int i=0; while (i
-
Create a java program that will accept an integer and character. If the user input 'A', compute and display the sum of 10 integers else display "Invalid Character". run: Enter a letter: a Enter a...
-
Give the worst-case Big O running time of this code and explain in detail how you arrived at this answer. for(int j = 0; j < numItems; j++) { int i = numItems; while (i > 0) = i i 3; // integer...
Study smarter with the SolutionInn App