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Business Math - Annuities Please answer correctly or I will dislike it! How long will it take an RRSP to grow to $750,000 if it
Business Math - Annuities
Please answer correctly or I will dislike it!
How long will it take an RRSP to grow to $750,000 if it takes in month-end contribution of $1,500 and earns: (Do not round intermediate calculations. Round up the number of contributions to the next integer.) a. 3.7% compounded monthly? years, month(s) b. 5.7% compounded monthly? years, month(s) c. 8.8% compounded monthly? years, month(s) d. 9.1% compounded monthly? years, month(s) If $425,000 accumulated in an RRSP is used to purchase an annuity earning 7.2% compounded monthly and paying $4,500 at the end of each month, what will be the term of the annuity? (Do not round intermediate calculations and round up the final answer to the nearest month.) It will be months What monthly payment for 15 years will pay off a $62,000 loan at 9.4% compounded monthly? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PMT If TFSA contributions of $11,900 at the end of every year are projected to generate a plan worth $2,900,000 in 35 years, what effective rate of return was assumed in the forecast? (Round your answer to 2 decimal places.) Effective rate of return %Step by Step Solution
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