Marissa intends to make contributions to a TFSA such that the account will accumulate $150,000 after 20

Question:

Marissa intends to make contributions to a TFSA such that the account will accumulate $150,000 after 20 years. What end-of-quarter contributions must be made, if the TFSA earns 6% compounded:
a. Annually?
b. Semiannually?
c. Quarterly?
d. Monthly?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

See More Books

Question Posted: Jan 20, 2016 07:50 AM

See More Questions

In November of the current year, Beth withdrew $24,000 from her spousal RRSP. Her husband had contributed $2,500 to the spousal RRSP on February 1st of each of the last 20 years. She also withdrew...
1. What will be the annual after-tax withdrawal from the RRSP? Remember that the entire withdrawal each year will be subject to income tax at the contributors marginal tax rate. Assume that the...
A municipality expects to use a land ll evenly throughout the 25 years from January 1, 2014, to December 31, 2038. Upon closing the land ll it estimates that it will incur closing costs of $300,000....
What are the "two main lines" of distortion of the view of Marx and what does Lenin think the proper view?
On January 1, 20X0, Mariachi Corporation acquired 70% of the outstanding shares of Sombrero Company for $ 85,000 cash. On that date, Sombrero Company had $ 35,000 of common shares outstanding and $...
You want to know how much you must deposit today to have $5000 in five years. Indicate whether you would solve for the future value of a single sum, the present value of a single sum, the future...
A six cylinder four stroke I.C. Engine is to develop $100 \mathrm{~kW}$ i.p. at 800 RPM. The stroke to bare ratio is 1.25. Assuming Mechanical efficiency of $80 \%$ and break mean effective...
Selected account balances for R. Tam Company at January 1, 2012, are presented below. Accounts Payable $14,000 Accounts Receivable 22,000 Cash 17,000 Inventory 13,500 R. Tams sales journal for...
Post a description of at least three specific policies, initiatives, or programs that you think would reduce child poverty/homelessness or ameliorate its consequences. Explain briefly what each would...
Two companies with different economic-value-added (EVA®) profiles are Daniels Company, Inc., and Granger Bank Limited. Adapted versions of the two companies' financial statements are presented...
Suppose you choose to pay off a loan over 10 years instead of 5 years. The principal and interest rate are the same in both cases. Will the payment for the 10-year term be: (i) Half the payment for...
What monthly payment is required to pay off a $50,000 loan in seven years, if the interest rate on the loan is 7.5% compounded: a. Annually? b. Semiannually? c. Quarterly? d. Monthly?
Given point T(10, 60, 30) in spherical coordinates, express T in Cartesian and cylindrical coordinates.
Assume that you have collected several secondary sources to support an informational report. However, when you prepare your reference list, you realize that you did not record the website address for...
Compose a sentence that uses passive voice. Revise the sentence to use active voice.
Assume that you need to communicate to all employees a new policy about business use of texting. Explain the factors that would affect your choice of medium to share this information.
Retrieve and read three email messages (or a class paper) you recently wrote and begin to create your personal list of common errors. To help you identify them, ask a colleague to help you assess...
You are making a sales presentation and brought a few examples of the product you are selling to share with the audience. You wonder whether there is any advantage to having images of the product in...
The 20th term of an arithmetic progression is 41 and the sum of the first 20 terms is 440. Work out the sum of the first 10 terms.
According during to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1,088 in 2018. Consider the population of "last-minute" filers who mail...
Generally accepted accounting principles usually require the use of accrual accounting to fairly present income. If the cash receipts and disbursements method of accounting will clearly reflect...
State some of the more serious problems encountered in seeking to achieve the ideal measurement of periodic net income. Explain what accountants do as a practical alternative.
What is meant by the terms components, elements, and items as they relate to the income statement? Why might items have to be disclosed in the income statement?
The Kuwait Finance House (KFH) had the following transactions during the month of July 2015: 1) A customer withdraws KD 4,000 in cash from his saving account. 2) A customer deposited KD 7,000 to his...
4) Soundproofing in a studio reduces ambient noise from 41 dB to 30 dB. What percent of the ambient sound intensity is still making it through? Round your answer to the nearest 1%.
Following are the financial data for Binari Jaya Sdn Bhd as at 3 1 December 2 0 2 2 . Revenue (Sales) RM 1, 370, 100 Account Receivable RM 540, 000 Long Term Loan RM 690, 000 Cost of goods sold RM...

Marissa intends to make contributions to a TFSA such that the account will accumulate $150,000 after 20

Question:

Step by Step Answer:

Given FV 150000 j 6 PY 4 n 420 80 a If m 1 then i 6 c 14 and b If m 2 then i ...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions