In 2016, the maximum contribution limit to a Tax Free Savings Account (TFSA) was $5500. Patrick has
Question:
In 2016, the maximum contribution limit to a Tax Free Savings Account (TFSA) was $5500. Patrick has decided to make regular, end-of-month contributions to his TFSA for the next 20 years, which he estimates will earn 5.1% compounded monthly. How much will Patrick have altogether if his end-of month contribution is
a. $100?
b. $200?
c. $458.33 (to take advantage of the full $5500 annual limit)?
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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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