1.On your retirement day, with a projected 6% annual earnings rate and 2% inflation rate over a 20-year period, to maintain a constant purchasing power of $50,000 annually, what need to be at least the balance in your RRSP account? a. $602,545.25 b. $679,516.32 c. $573,496.06 d. $817,571.67 2.Five years ago, you purchased a home with a 15-year mortgage of $150,000 at a 5-year fixed rate of 5.25% for monthly repayments. Assuming that the mortgage rate is currently 6.5%, what will the amount of your monthly repayments be after the renewal? a. $1,276.13 b. $1,135.48 c. $4,576.32 d. $7,875.79 3.You deposited 10 annual amounts of $100 in your saving accounts. What is the account balance after your last deposit, if the annual interest rate was 3% for the first 5 years and then 4% for the last 5 years? a. $1,254.35 b. $1,187.57 c. $1,056.32 d. $1,089.47
1.On your retirement day, with a projected 6% annual earnings rate and 2% inflation rate over a 20-year period, to maintain a constant
a. $602,545.25
b. $679,516.32
c. $573,496.06
d. $817,571.67
2.Five years ago, you purchased a home with a 15-year mortgage of $150,000 at a 5-year fixed rate of 5.25% for monthly repayments. Assuming that the mortgage rate is currently 6.5%, what will the amount of your monthly repayments be after the renewal?
a. $1,276.13
b. $1,135.48
c. $4,576.32
d. $7,875.79
3.You deposited 10 annual amounts of $100 in your saving accounts. What is the account balance after your last deposit, if the annual interest rate was 3% for the first 5 years and then 4% for the last 5 years? a. $1,254.35
b. $1,187.57
c. $1,056.32
d. $1,089.47
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
