The advantage of the RESP is that the government will contribute $1 for every $5 parents put
Question:
a. Calculate the value the plan would have at the start of the 17th year.
b. Calculate the value of annual contributions of $2000 into a non-RESP plan over a 16-year period at 4.85% interest compounded semi-annually.
c. Determine the difference in plan values of the RESP plan and those of the non-RESP plan.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
Question Posted: