Keiko has already accumulated $150,000 in her RRSP. She intends to continue to grow her RRSP by
Question:
Keiko has already accumulated $150,000 in her RRSP. She intends to continue to grow her RRSP by making contributions of $500 at the beginning of every month. How much will her RRSP be worth 15 years from now if the RRSP earns 6% compounded annually?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
Given PV 150000 PMT 500 n 1215 180 i j 6 Compoundin gs per ye...View the full answer
Answered By
Sarfraz gull
have strong entrepreneurial and analytical skills which ensure quality tutoring and mentoring in your international business and management disciplines. Over last 3 years, I have expertise in the areas of Financial Planning, Business Management, Accounting, Finance, Corporate Finance, International Business, Human Resource Management, Entrepreneurship, Marketing, E-commerce, Social Media Marketing, and Supply Chain Management.
Over the years, I have been working as a business tutor and mentor for more than 3 years. Apart from tutoring online I have rich experience of working in multinational. I have worked on business management to project management.
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
Question Posted:
Students also viewed these Mathematics questions
-
If you save $75 at the beginning of every month for 10 years, for how long can you withdraw $260 at the beginning of each month, starting 10 years from now, assuming that interest is 6% compounded...
-
If contributions of $1500 at the beginning of every three months resulted in an RRSP worth $327,685 after 20 years, what quarterly compounded nominal rate and effective rate of return did the RRSP...
-
How much will have to be invested at the beginning of each year at 10%, compounded annually, to pay off a debt of $50,000 in 8 years? (a) State whether the problem relates to an ordinary annuity or...
-
A taxpayer had the following income: a.) Gain on sale of domestic stocks - P200,000............ b.) Gain on sale of foreign bonds - P100,000............ c.) Gain on sale of a commercial lot in...
-
Consider an ideal gas turbine cycle with two stages of compression and two stages of expansion. The pressure ratio across each stage of the compressor and the turbine is 2. Air (use the IG model)...
-
1. How does OneSystem contribute to Marriotts objectives?
-
In fitting a least squares line to n = 5 data points, the following quantities were computed: SSxx = 31, x = 2, SSyy = 24, y = 6, SSxy = 26 a. Find the least squares line. b. Graph the least squares...
-
Recently, property/casualty insurance companies have been criticized because they reserve for the total loss as much as 5 years before it may happen. Recently the IRS has joined the debate because...
-
Take me to the text The Kandy Shop has an operating income of $22,000. a) Calculate the degree of operating leverage for each of the independent cases (assuming operating income is held constant): i....
-
Consider the following 0x86 program: .data array DWORD 1,2,3,4,5,6,7,8,9 aravSize -(S-array)/4 ; array .code main PROC mov ecx,arraySize-1 mov esi.OFFSET array L1: mov eax. [esi] sda mov bx,2 idiv bx...
-
On December 31, 2016 Jacob borrowed $15,000 from his mother. They agreed that the loan would carry interest at 9% compounded quarterly, and would be repaid with five equal payments made on December...
-
A loan will be repaid with $580 payments at the end of every month for 8 years. The loan carries an interest rate of 8% compounded quarterly. Rounded to the nearest dollar, how much was the original...
-
D'Souza Company sold 10,000 units of its product for \(\$ 80\) per unit. Cost of goods sold is \(\$ 55\) per unit. Variable selling and administrative expenses are \(\$ 10\) per unit. Compute gross...
-
firm c has net income of 45,360 , asset turnover of 1.4 and roi 12.6% calculate firms margin,sales and average total assets
-
A poll of 1065 Americans showed that 47.2% of the respondents prefer to watch the news rather than read or listen to it. Use those results with a 0.10 significance level to test the claim that fewer...
-
Garcia Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for the cost of one unit: Standard Quantity X Standard...
-
Express the confidence interval 0.255 0.046 in the form of p-E
-
5 28 its Jay Oullette, CEO of Bumper to Bumper Incorporated, anticipates that his company's year-end balance sheet will show current assets of $12,801 and current liabilities of $7,540. Oullette has...
-
Write a program that reads characters from cin into an array that you allocate on the free store. Read individual characters until an exclamation mark (!) is entered. Do not use a std::string. Do not...
-
On January 1, 2017, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $340,200. Stinson's book value on that date consisted of common stock of $100,000 and...
-
Research objective: The population mean is not equal to 1,500. = 220, n = 125, x = 1525 Calculate the p-value of the test to determine that there is sufficient evidence to infer each research...
-
Research objective: The population mean is greater than 7.5. = 1.5, n = 30, x = 8.5 Calculate the p-value of the test to determine that there is sufficient evidence to infer each research objective.
-
You are the pilot of a jumbo jet. You smell smoke in the cockpit. The nearest airport is less than 5 minutes away. Should you land the plane immediately? feature nonstatistical applications of...
-
Famas Llamas has a weighted average cost of capital of 8.8 percent. The companys cost of equity is 12 percent, and its pretax cost of debt is 6.8 percent. The tax rate is 22 percent. What is the...
-
The common stock of a company paid 1.32 in dividens last year. Dividens are expected to gros at an 8 percent annual rate for an indefinite number of years. A) If the company's current market price is...
-
(1 point) Bill makes annual deposits of $1900 to an an IRA earning 5% compounded annually for 14 years. At the end of the 14 years Bil retires. a) What was the value of his IRA at the end of 14...
Study smarter with the SolutionInn App