Wendy will soon turn 33. She wants to accumulate $500,000 in an RRSP by her sixtieth birthday.

Question:

Wendy will soon turn 33. She wants to accumulate $500,000 in an RRSP by her sixtieth birthday. How much larger will her annual contributions have to be if they are made at the end of each year (from age 33 to age 59 inclusive) instead of at the beginning of each year? Assume that her RRSP will earn 9% compounded annually.