Harold's RRSP is already worth $56,000. Rounded to the next-highest month, how long will it take the

Question:

Harold's RRSP is already worth $56,000. Rounded to the next-highest month, how long will it take the RRSP to reach $250,000 if additional contributions of $2000 are made at the end of every six months? Assume the RRSP earns 3.9% compounded monthly.

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

Step by Step Answer:

Related Book For book-img-for-question

Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

See More Books

Question Posted: Oct 21, 2020 04:53 AM

See More Questions

Harolds RRSP is already worth $56,000. Rounding n to the next higher integer, how long will it take the RRSP to reach $250,000 if additional contributions of $2000 are made at the end of every six...
How long will it take for payments of $350 to accumulate to $12 000 at 3% compounded monthly if made (a) At the end of every three months? (b) At the end of every six months?
Rounded to the next higher month, how long will it take end-of-month deposits of $500 to accumulate $100,000 in an investment account that earns 5.25% compounded monthly?
Management is responsible for establishing effective internal control for its organization, including measures to prevent, deter, and detect fraud. Appendix 7A on pages 294296 describes antifraud...
A large refrigeration plant is to be maintained at -18oC, and it requires refrigeration at a rate of 200 kW. The condenser of the plant is to be cooled by liquid water, which experiences a...
Manny, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December he performed $20,000 of legal services for a client. Manny typically requires his...
The beam is supported by a pin at B and a short link AC. Determine the average shear stress developed in the pins at A, B, and C. All pins are in double shear as shown, and each has a diameter of 30...
Use the Perfect Supply Corp. data from Problem P12-71B. Requirements 1. Prepare the 2012 statement of cash flows by using the direct method. 2. How will what you learned in this problem help you...
1. Identify and describe 3 benefits of working in groups 2. Identify and describe 3 potential problems of working in groups. 3. Describe how you would manage the group so all voices are heard,...
Use the following information to answer the exercise. The casino game, roulette, allows the gambler to bet on the probability of a ball, which spins in the roulette wheel, landing on a particular...
Dana's RRSP investment account currently has a balance of $21,963.32. She intends to continue to deposit $700 at the end of every quarter. If her investments earn 5% compounded semiannually, how long...
Twelve years ago, Mt Lawton rolled a $17,000 retiring allowance into an RRSP that subsequently earned 7% compounded semiannually. Three years ago he transferred the funds to a Registered Retirement...
With all the changes that are occurring in healthcare today, what are some of the challenges your environment is facing and what is your organization doing to plan for the financial consequences?
The penalty for the first month would be 5% of $500, which is $25. Since she filed in December, this is over 8 months late, but the penalty cannot exceed 25% of the unpaid tax. Therefore, What is the...
Leverage is a way of looking at how a firm balances its capital. One example is a debt to equity ratio which puts debt in the numerator and equity in the denominator to see how highly "leveraged" a...
Considering the impact of climate change and urbanization on thermal comfort and energy demand in buildings, how do architects, engineers, and urban planners employ passive design strategies, green...
Conduct a DFMEA for a concept of Gas Snow Blower Select any existing concept of Gas Snow Blower to perform the DFMEA study and answer the following questions in a report format (See assignment report...
Kingsgrove Ltd sells 1,000 tonnes of soil each year and demand is constant over time. The purchase cost of each tonne is $1 and the cost of placing and handling an order is estimated to be $5. The...
Pasadena Candle Inc. pays 40% of its purchases on account in the month of the purchase and 60% in the month following the purchase. If purchases are budgeted to be $40,000 for August and $36,000 for...
During registration at Tech every quarter, students in the Department of Management must have their courses approved by the departmental advisor. It takes the advisor an average of 4 minutes...
Estimate the odds ratio for being a case comparing a subject with a lifetime acetaminophen intake of 1100g vs. a lifetime acetaminophen intake of 100g. Provide a 95% CI for this odds ratio? A...
Suppose a cutoff for excessive lifetime acetaminophen intake (L) is a level such that the risk of at least a 30% decline in GFR over 11 years is ¥ 10%. What is your best estimate of L? A logistic...
Estimate the odds ratio for Group C vs. Group A and provide a 95% CI. Are the results consistent with those in Problem 13.21? Why or why not? One assumption in Table 13.46 is that the log odds ratio...
Having a bit of trouble completing part of the code for my guessing game in java. Basically, I need to add the part of the code that will allow the user to choose how many games they wish to play....
Find all the "daffodil numbers" between 100 and 999 and output them. "Daffodil number" refers to a three-digit number, and the cube of each digit is exactly equal to the number itself. For example,...
Complete the program so that each cell of array sum contains the sum of the corresponding cells of valA and valB: class Exercise3 { public static void main(String[] args) { int[] valA = {13, -22, 82,...

Harold's RRSP is already worth $56,000. Rounded to the next-highest month, how long will it take the

Question:

Step by Step Answer:

The semiannual contributions form an ordinary general annuity hav...View the full answer

Fundamentals Of Business Mathematics In Canada

Students also viewed these Mathematics questions