Helen contributed $500 at the end of every month for the past 5 years into an RRSP account, earning 3.8% p.a. compounded quarterly. If she leaves the accumulated contributions for another 4 years in the RRSP at the same rate of interest How much will Helen have in total in her RRSP account? How much did she contribute? How much will be the interest?

Helen contributed $500 at the end of every month for the past 5 years into an RRSP account, earning 3.8% p.a. compounded quarterly. If she leaves the accumulated contributions for another 4 years in the RRSP at the same rate of interest How much will Helen have in total in her RRSP account? How much did she contribute? How much will be the interest?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 14MCQ

See similar textbooks

Similar questions

Ali contributed $1,000 per year for the past 9 years into an RRSP account, earning 3.8% compounded annually. If he leaves the accumulated contributions for another 5 years in the RRSP at the same rate of interest, a. How much will Ali have in total in his RRSP account? b. How much did Ali contribute? c. How much will be the interest?
At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8% compounded annually. How much is in the account today? How much would be in the account if the deposits were made at the beginning of each year (PMT Type) than at the end of each year? (Use Future Value of an Annuity
Reese contributed $250.00 every month into an RRSP for 5 years. What nominal annual rate of interest will the RRSP earn if the balance in Reese's account just after she made her last contribution was $16,750.00? The nominal annual rate of interest is % compounded monthly. (Round to two decimal places as needed.) C
Suppose Brianna invests $1300 each year for 5 years, in annuity that pays 6% annual interest, compounded annually. What percentage of the balance, after 5 years, is Brianna's contributions?
Yolanda deposited $1,800 at the end of each six months for 2 years in a savings account. If the account paid 4% interest, compounded semiannually, use Table 12-1 to find the future value of her account. (Round your answer to the nearest cent.) $
* Mary Joy Dela PAz purchased a house worth 188,686 with a down payment of 36,866 and monthly payments for 15 years. At 21% compounded monthly, (1) determine the monthly payment; (2) How much of the first payment goes for the interest and how much for the principal? (3) How much does she still owe just after making the 86th payment? (4) How much of the 116th payment goes for the interest and how much for the principal?
Sara deposited $3000 in an account that earns 5.5% simple interest. How much money will be on Sara's account (Principle + interest) in 5 years from now?Round to the nearest cent.
Jocelyn contributed $90.00 every three months into an RRSP for 5 years. What nominal annual rate of interest will the RRSP earn if the balance in Jocelyn's account just after she made her last contribution was $2,200.00? The nominal annual rate of interest is % compounded quarterly. (Round to two decimal places as needed.)
Amishi deposited $800, at the end of each six months for 19 years in a savings account. If the account paid 8% interest, compounded semiannually, use the appropriate formula to find the future value of her account. (Round your answer to the nearest cent.) $ _____
Abigail received a 15 year loan of $280,000 to purchase a house. The interest rate on the loan was 5.80% compounded semi-annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 2? c. By how much will the amortization period shorten if Abigail makes an extra payment of $30,000 at the end of year 2?
Monique contributed $500.00 every month into an RRSP for 15 years. What nominal annual rate of interest will the RRSP earn if the balance in Monique's account just after she made her last contribution was $200,000.00
cecilia invested $5000 in an account four years ago. Today her account has a balance of $6200. Given that her account offered quarterly compounding of interest, the APR on this account is?