You plan to start saving now for a downpayment for a house in your RRSP. You deposit $750 every month. starting next month, for 7 years at an average interest rate of 6%/a compounded monthly. How much money will you have in your RRSP for your down payment in 7 years?

You plan to start saving now for a downpayment for a house in your RRSP. You deposit $750 every month. starting next month, for 7 years at an average interest rate of 6%/a compounded monthly. How much money will you have in your RRSP for your down payment in 7 years?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...

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Question

You plan to start saving now for a downpayment for a house in your RRSP. You deposit $750 every month.
starting next month, for 7 years at an average interest rate of 6%/a compounded monthly. How much money
will you have in your RRSP for your down payment in 7 years?
Your Answer:

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