Dave has saved $25,000 for a down payment on a home and plans to save another $5500 at the end of each year for the next six years. He expects to earn 2.50% compounded annually on his savings. How much will he have in six years' time?

Suppose Evan contributes $2800 to his RRSP at the end of every quarter for the next 16 years, and then contributes $1400 at each month's end for the subsequent 6 years.  How much will he have in his RRSP at the end of the 22 years? Assume that the RRSP earns 6% compounded semiannually.

Answer rating: 100% (QA)

1 Calculation for Daves Savings Dave plans to save 5500 at the end of each year for the next six yea... View the full answer