Terilynn and Ross have opened a Registered Education Savings Plan (RESP) for their son, Christopher. They want the plan to pay $4,000 at the beginning of each half year for 5 years, starting 8 years from now when their son will enter college or university. What semi-annual contributions, including one today, must they make for the next 8 years if the RESP earns 9% compounded semi-annually?

Answer rating: 100% (QA)

To determine the semiannual contributions required for the RESP lets break down the scenario 1 They ... View the full answer