Yasmine took a great course in Personal Finance at Concordia where she learned about the Pay Yourself First Method. She has decided to apply this as of her first pay where she landed a fantastic job at Rogers. She is paid on the 1st of each month. Upon receipt of her pay, she immediately contributes $500 to her Registered Retirement Savings Plan (RRSP). As Rogers does not have a pension plan, Rogers matches the same amount and contributes to her RRSP. Yasmine is 23 years old and if she continues to contribute to her RRSP until she is 60 years old, how much will she have accumulated in her RRSP for her retirement? She guesses that she could earn 6% interest compounded weekly over this period of time and has sufficient RRSP contribution room to make the RRSP contributions each year

Answer rating: 100% (QA)

To calculate how much Yasmine will have accumulated in her RRSP for her retirement we can use the fu... View the full answer