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?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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- 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?
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