# How long will it take an RESP to grow to $200,000, if the plan owner contributes $250

## Question:

a. 8% compounded monthly?

b. 8% compounded quarterly?

c. 8% compounded semiannually?

d. 8% compounded annually?

Round up the number of contributions to the next integer before calculating the total time.

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## Step by Step Answer:

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