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Herb has made contributions of $2,070 to his RRSP at the end of every 6 months for the past 8 years. The plan has earned
Herb has made contributions of $2,070 to his RRSP at the end of every 6 months for the past 8 years. The plan has earned 9.10% compounded semi-annually. He has just moved the funds to another plan that earns 8.70% compounded annually. He will now contribute $1,450 at the end of every 12 months. What total amount will Herb have in the plan 9 years from now? For full marks your answer(s) should be rounded to the nearest cent.
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Total amount = $0.00
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