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Business Math- Annuities Please Answer correctly! How long will it take an RRSP to grow to $760,000 if it takes in month-end contribution of $1,600
Business Math- Annuities
Please Answer correctly!
How long will it take an RRSP to grow to $760,000 if it takes in month-end contribution of $1,600 and earns: (Do not round intermediate calculations. Round up the number of contributions to the next integer.) a. 4.6% compounded monthly? years, month(s) b. 6.6% compounded monthly? years, month(s) C. 8.6% compounded monthly? years, month(s) d. 9.7% compounded monthly? years, month(s) If RRSP contributions of $4930.02 at the end of every six months are projected to generate a plan worth $690,000 in 25 years, what nominal rate compounded semi-annually and effective rates of return were assumed in the forecast? (Do not round intermediate calculations and round your final answers to 2 decimal places.) Nominal rate of return % Effective rate of return 8 If TFSA contributions of $11,500 at the end of every year are projected to generate a plan worth $2,500,000 in 30 years, what effective rate of return was assumed in the forecast? (Round your answer to 2 decimal places.) Effective rate of return % What monthly payment for 21 years will pay off a $66,000 loan at 9.8% compounded monthly? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PMTStep by Step Solution
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