Question: Business Math- Annuities Please Answer correctly! How long will it take an RRSP to grow to $760,000 if it takes in month-end contribution of $1,600

Business Math- Annuities

Please Answer correctly!

Business Math- Annuities Please Answer correctly! How long will it take anRRSP to grow to $760,000 if it takes in month-end contribution of$1,600 and earns: (Do not round intermediate calculations. Round up the numberof contributions to the next integer.) a. 4.6% compounded monthly? years, month(s)

How long will it take an RRSP to grow to $760,000 if it takes in month-end contribution of $1,600 and earns: (Do not round intermediate calculations. Round up the number of contributions to the next integer.) a. 4.6% compounded monthly? years, month(s) b. 6.6% compounded monthly? years, month(s) C. 8.6% compounded monthly? years, month(s) d. 9.7% compounded monthly? years, month(s) If RRSP contributions of $4930.02 at the end of every six months are projected to generate a plan worth $690,000 in 25 years, what nominal rate compounded semi-annually and effective rates of return were assumed in the forecast? (Do not round intermediate calculations and round your final answers to 2 decimal places.) Nominal rate of return % Effective rate of return 8 If TFSA contributions of $11,500 at the end of every year are projected to generate a plan worth $2,500,000 in 30 years, what effective rate of return was assumed in the forecast? (Round your answer to 2 decimal places.) Effective rate of return % What monthly payment for 21 years will pay off a $66,000 loan at 9.8% compounded monthly? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PMT

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!