Following his financial adviser's recommendations, Sanchez starts monthly contributions of $375 today to his RRSP. The plan is to have $240,000 in his RRSP after 20 years of monthly compounding. What nominal interest rate does the financial adviser think Sanchez's RRSP will be able to realize?

Answer rating: 100% (QA)

As deposits are made monthly and interest also compounds monthly nominal monthly inte... View the full answer