You begin saving for your retirement by depositing $500 at the end of each month in an
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Question:
You begin saving for your retirement by depositing $500 at the end of each month in an RRSP. As of the start of these regular payments, you’ve already saved $10,000. If the interest rate is 7.5%, compounding monthly, how much have you saved for retirement after 40 years?
Select one:
a.
$1,695,200
b.
$1,798,550
c.
$1,710,900
d.
$1,672,600
e.
$1,511,911
Related Book For
Fundamentals of Corporate Finance
ISBN: 978-1259024962
6th Canadian edition
Authors: Richard Brealey, Stewart Myers, Alan Marcus, Devashis Mitra, Elizabeth Maynes, William Lim
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