What nominal annual rate of interest compounded quarterly was paid if contributions of $250 made into an

Question:

What nominal annual rate of interest compounded quarterly was paid if contributions of $250 made into an RRSP at the beginning of every 3 months amounted to $14 559 after 10 years?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

See More Books

Question Posted: Feb 26, 2016 04:02 AM

See More Questions

What nominal annual rate of interest compounded semi-annually is equivalent to an effective rate of 6.37%?
What is the nominal annual rate of interest compounded quarterly that is equivalent to an effective annual rate of 5%?
If Paige has accumulated $4850 by saving $120 every month for 3 years, what nominal annual rate of interest compounded quarterly has been earned?
The director of cost management for Odessa Company uses a statistical control chart to help management determine when to investigate variances. The critical value is 1 standard deviation. The company...
The weight of turkeys is known to be normally distributed with a mean of 22 pounds and a standard deviation of=pounds. a. Discuss the sampling distribution of the sample mean based on a random draw...
Prepare an Estimated Tax Worksheet and the payment vouchers for Sean and Sue: Sean D. (SSN 022-00-0947, born 12/12/1952) and Sue P. Summers (SSN 034-00-4362, born 2//9//1955 ) live at 22 Abbot Road,...
If a nurse knows that a piece of equipment is defective, should the nurse attempt to fix the problem? Discuss your answer.
The contractors project office is often structured to be compatible with the customers project office, sometimes on a one-to-one basis. Some customers view the contractors project organization merely...
In a dealer market, the ask price is the highest price the dealer offered to buy a security and the bid price is the lowest price the dealer offered to sell a security. The difference of the ask...
Which life cycle model would you follow for developing software for each of the following applications? Mention the reasons behind your choice of a particular life cycle model. Clearly Justify your...
Quarterly payments of $1445 are to be made at the beginning of every three months on a lease valued at $25 000. What should the term of the lease be if money is worth 8% compounded quarterly?
An insurance policy provides a $250 000 benefit 20 years from now. Alternatively, the policy pays $4220 at the beginning of each year for 20 years. What is the effective annual rate of interest paid?
Figure P8.35 shows a proposed site where an excavation will be made. The 10 ft layer of sand will be removed, so that the top of the 24 ft normally consolidated clay layer will be exposed. Assume...
Saxum Vineyard, in Paso Robles, CA, is one of the more than 8,000 wineries in the United States. While Saxum produces a number of different kinds of wine, they focus their production on Syrah (also...
Construct the network diagram for the project. Also, calculate the EST and LST of the events and mark on the diagram.
A binary option (also called digital option) is an exotic option for which the payoff at maturity to the holder of the option is either some US dollar amount or nothing at all. One example of a...
Problem 7. A card is drawn from a standard 52 card deck (a deck with 4 suits and 13 denominations per suit.) The card is noted and then replaced in the deck. The deck is shuffled and a second card is...
The CSI 300 Index is currently trading at 4,150. The continu- ously compounded risk-free rate is r = 0.06. The price of a European call option on the CSI 300 Index expiring in one year with a strike...
In the first line of Example 1, change the 5 to 7 and the 19 to 12. What other changes must then be made in the first paragraph? Data from Example 1
Which of the following is NOT a magnetic dipole when viewed from far away? a) A permanent bar magnet. b) Several circular loops of wire closely stacked together with the same current running in each...
In Problem, write each system as a matrix equation and solve using inverses. x1 - x3 = k1 2x1 - x2 = k2 x1 + x2 - 2x3 = k3 (A) k1=4, k2=8, k3= 0 (B) k1:, = 4,k2 = 0,k3= -4 (C) k1=0,k2=8,k3=-8
In Problem, explain why the system cannot be solved by matrix inverse methods. Discuss methods that could be used and then solve the system. -2x1 + 4x2 = 5 6x1 - 12x2 = 15
Write Problem as system of linear equations without matrices. 1 2 3 013
Zach Ltd. produced the following data for the year 2015 - o Interest Income $4,650,000 o Capital Gain realized $50,000 o Dividend Income from company's 15% ownership in XYZ Ltd. $65,000 o Corporate...
A project requires an increase in net working capital of $150,000 at time 0 that will be recovered at the end of its 10 year life. If the opportunity cost of capital is 8%, what is the effect of NWC...
A firm is 40% financed by debt with a yield-to-maturity of 8.5%. The equity has a beta of 1.3, the market risk premium is 8.4% and the risk-free rate is 3.8%. What is the firm's WACC if the tax rate...

What nominal annual rate of interest compounded quarterly was paid if contributions of $250 made into an

Question:

Step by Step Answer:

FV due 14 55900 PMT 25000 n 40 ...View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these Finance questions