Question: Pascal has recently opened an RRSP. He plans to deposit $ 374 at the end of every month for 15 years. The account will compound

Pascal has recently opened an RRSP. He plans to deposit $ 374 at the end of every month for 15 years. The account will compound interest semi-annually at the nominal rate of 8.4 %. How much money will Pascal have in his account immediately after his last deposit?

a. $ 132402.16

b. $ 133726.18

c. $ 135050.20

d. $ 136374.22

e. $ 137698.24

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!