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IN CLASS ASSIGNMENT November 2 1 s t , 2 0 2 3 Monarch Distributing Ltd . plans to accumulate funds for the purchase of
IN CLASS ASSIGNMENT
November
Monarch Distributing Ltd plans to accumulate funds for the purchase of a larger warehouse seven years from compounded semiannually, what amount rounded to the nearest dollar will Monarch accumulate by the end of the seven years? Ans: $
Michael Raby has subscribed to a dollar cost averaging program in which he invests $ at the beginning of each month. If his rate of return is compounded monthly, what will be the value of his account years later? Source: ICB course on Wealth Valuation. Ans: $ Ans: $
Mary and Steve Farmer pian to invest $ at the beginning of each year in a RRS What will be the value of the plan after years if it earns compounded annually? Source: CIFP course on Personal Financial Planning. Ans: $
If Hans contributes $ to his RRSP on February and every six months thereafter to and including February what amount will he accumulate in the RRSP by August Assume that the RRSP will earn compounded semiannually. How much of the total will be interest? Ans: $;$
Many people make their annual RRSP contribution for a taxation year close to the end of the year. Financial advisers encourage clients to contribute as early in the year as possible. How much more will there be in an RRSP at the end of years if annual contributions of $ are made at the beginning of each year instead of at the end? Assume that the RRSP will earn:
a compounded annually. b compounded monthly
Ans: a $; b $
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