a. Mrs. Gobi will make end-of-quarter deposits of $850 to her RRSP. The fund earns 4% compounded
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a. Mrs. Gobi will make end-of-quarter deposits of $850 to her RRSP. The fund earns 4% compounded semiannually. Rounding It upward, how long will it take for the funds in the RRSP to grow to $250,000?
b. If Mrs. Gobi uses $250,000 to purchase an annuity earning 3% compounded semiannually and paying $2500 at the end of every month, how long after the purchase date will the annuity payments continue? Round the answer up to the next-highest integer.
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Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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