Question: Is this correct?? If not can you re do it for me step by step so I get a better understanding thank you! 6. Rich

Is this correct?? If not can you re do it for me step by step so I get a better understanding thank you!

6. Rich plans to retire in 35 years, and at that time he would like to have saved a half-million dollars ($500 000) in his RRSP. Determine the monthly deposits he should make into his RRSP if the rate of interest earned is fixed at 5.6%/a compounded monthly. S45= 1.06 = (1.06 5 -1) 1.06 - 1 Sys= 106 (13.76 46/085-1) 0.06

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