How long will it take an RRSP to grow to $650,000 if it receives a contribution of
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Question:
How long will it take an RRSP to grow to $650,000 if it receives a contribution of $3,000 at the beginning of each quarter and it earns: (Do not round intermediate calculations and round up the number of payments, n, to the next whole number.)
a. | 3.5% compounded quarterly | quarterly contributions | |
b. | 6.4% compounded quarterly | quarterly contributions | |
c. | 9.0% compounded quarterly | quarterly contributions | |
d. | 9.5% compounded quarterly | quarterly contributions | |
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