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Nikola just turned 4 7 years old and is planning to retire at age 6 0 . She has already saved $ 2 2 6

Nikola just turned 47 years old and is planning to retire at age 60. She has already saved $226,000.00 in her RRSP. If she continues to contribute $200.00 at the beginning of every month, how much money
will be in her RRSP at retirement if it can earn 8.1% compounded monthly? No deposit is made the day she turns 60.
a. Use the compound interest formula, FV=PV(1+i)N, to find the future value of the current amount in the investment.
At retirement, the $226,000.00 will have grown to
b. Determine the annuity type.
Ordinary Simple Annuity
Ordinary General Annuity
Simple Annuity Due
General Annuity Due
c. Identify the following pieces of information to be used to calculate the future value of the annuity.
Periodic Payment: PMT=
Number of Payments per Year: PY=
Total Number of Payments: N=
Annual Interest Rate: r=
Number of Compoundings per Year: CY=
d. Determine the total value of the investment at retirement (incorporating your answer from part a. above).
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