Oscar's RRSP is currently worth $12,000 and he believes he will need $650,000 in his RRSP in 20 years when he retires. If he contributes $12,000 every year at the beginning of the year effective this year, what rate of return must his RRSP earn to achieve his goal?

Answer rating: 100% (QA)

To solve this problem we will be using the formula for the future value of a series of cash flows al... View the full answer