What should be the balance in a Registered Retirement Income Fund (RRIF) that will provide $2,500 at the beginning of each month for 5 years, if the RRIF earns 4.50% compounded semi-annually?

For 19 years, Janet saved $1,100 at the beginning of every month in a fund that earned 3.5% compounded annually. 

a. What was the balance in the fund at the end of the period? 

b. What was the amount of interest earned over the period?

 

Answer rating: 100% (QA)

a Annual effective rate 35 We need monthly effective rate Let us assume it as r Equation would be 35 ... View the full answer