If money can earn 4.0% compounded monthly, how long will it take you to accumulate $1 million

Question:

If money can earn 4.0% compounded monthly, how long will it take you to accumulate $1 million in your RRSP if you contribute $1440 at the end of each month? What is the size of your last contribution?

Answer the above question.

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

Step by Step Answer:

Related Book For book-img-for-question

Contemporary Business Mathematics With Canadian Applications

ISBN: 9780135285015

12th Edition

Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday

See More Books

Question Posted: Oct 27, 2020 07:09 AM

The Lexington Property Development Company has a $10,000 note receivable from a customer due in three years. How much is the note worth today if the interest rate is a. 9%? b. 12% compounded monthly?...
You have applied for a job with a local bank. As part of its evaluation process, you must take an examination on time value of money analysis covering the following questions: a. Draw time lines for...
How long will it take an RESP to grow to $200,000, if the plan owner contributes $250 at the end of each month and the plan earns: a. 8% compounded monthly? b. 8% compounded quarterly? c. 8%...
4. In cells B4:B15, type a yearly salary for each staff member. Format these values as Currency with no decimal places. 5. Calculate the new salary with a 10% increase in column C. 6. Calculate the...
Why are children particularly susceptible to toxicants?
A Carnot engine extracts 2000 J of heat from a hot reservoir and does 1200 J of mechanical work. Suppose the cold reservoir is a very large block of ice at 0C. What mass of ice would melt during this...
A double acting reciprocating pump delivering 80 litres per second has the following specifications : Diameter of piston = 300 mm; Stroke = 600 mm; Speed = 80 rpm; Suction head = 5 m; Delivery head =...
Book Mart has two employees in 2013. Jessica earns $4,500 per month and Moses, the manager, earns $11,000 per month. Neither is paid extra if they work overtime. Assume the Social Security tax rate...
FIGURE shows a closed loop system with a variable gain element G in the feedback path. (a) Derive an expression for y/x (b) Show that for large values of K1 and K2 the value of y/x can be varied...
Given the following pay-off table Number of Text Books to Order Number of Introductory Economics Classes Offered 7 8 9 10 280 $2,800 $2,720 $2,640 $2,480 320 $2,600 $3,200 $3,040 $2,880 360 $2,400...
Starting three months after her grandson Robins birth, Mrs. Devine made deposits of $60 into a trust fund every three months until Robin was 21 years old. The trust fund provides for equal...
Calculate the accumulated value in an RRSP account after 15 years under each of the following scenarios: (a) $2400 is invested annually at 10% compounded annually; (b) $600 is invested quarterly at...
What happens when this statement executes? What does the term user-friendly mean?
Write the equation of the line tangent to f(x)= 1 when x = 1.
Find the average value of f(x)=1+x over the interval [4,25].
Find the derivative of the given function. y = (x + 3)3
Can you read the article under below and answer the following question like tell us what article you read and your reaction to the article. Your 'audien is your peers, so can you explain reaction to...
Find g'(x) where, 9(x)=3x3 5 5
Refer to the bond details in Problem 14-2A, except assume that the bonds are issued at a price of $4,895,980. Required 1. Prepare the January 1, 2017, journal entry to record the bonds' issuance. 2....
Maria Castigliani is head of the purchasing department of Ambrosiana Merceti, a medium-sized construction company. One morning she walked into the office and said, The main problem in this office is...
Georgian College is considering the establishment of a $1 million endowment held in perpetuity for the chair of the Henry Bernick Entrepreneurship Centre. The ongoing cost would be $6500 at the end...
Darcy bought an income property for $238 455.00 three years ago. He held the property for the three years without renting it. If he rents the property now, what size of monthly payment due in advance...
A fund is to be set up for an annual scholarship of $5000.00. If the first payment is due in three years and interest is 6.2% compounded quarterly, what amount must be deposited in the scholarship...
After being drafted in the first round of the NFL draft, a star defensive end invests his signing bonus of $9,827,000.00 in a mutual fund. The fund pays on average 7.00% APR. The player will not...
XYZ Co has plans to issue 7,000, Eleven percent Debentures of Rs.100 each at a discount of 5%. The debentures are redeemable after 4 years and the commission payable to brokers & underwriters is Rs....
Denise and Richard Deleon want to buy a house for $375,000. They can make a down payment of $100,000 from a combination of their RSPs ($25000 each under the Home Buyers program) and wedding gifts...

If money can earn 4.0% compounded monthly, how long will it take you to accumulate $1 million

Question:

Step by Step Answer:

IY 4 CY 12 FV 1000000 PMT 1440 PV 0 n NPER 00412 1440 0 10...View the full answer

Contemporary Business Mathematics With Canadian Applications

Students also viewed these Mathematics questions