Question
Jasmine deposits $2,100 at the end of every 3 months in an RRSP that is earning 6.90% compounded semi-annually. For the RRSP to accumulate to
Jasmine deposits $2,100 at the end of every 3 months in an RRSP that is earning 6.90% compounded semi-annually. For the RRSP to accumulate to $42,000, calculate the following:
a. How many deposits will he have to make?
Round up to the next whole number
b. How long will he have to make these deposits?
years
months
Express the answer in years and months, rounded to the next payment period
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The New Microfinance Handbook A Financial Market System Perspective
Authors: Joanna Ledgerwood, Julie Earne, Candace Nelson
1st Edition
0821389270, 978-0821389270
