Question 6

What deposit today would you have to make at your bank at a rate of 8% if you wanted to witthdrawal $100 each year for 5 years

Question 7

Assume that you are planning on retirement in 30 years. If you deposit $5,500 at the end of each year into an RRSP that will earn an average of 7.5% per year, how much will you have after 30 years?

Question 8

a. You are looking at buying a house and have a maximum budget of $1315 per month. The house you really like is $300,000 and current interest rates are 5% over 25 Years. Can you afford this house?

b. How much of a down payment would you have to put dow to be able to afford this house?

Question 9

You are looking to save $30,000, you currenlty have $5000 in the bank and plan on saving an additional $300 per month until you have the $30,000. You are going to get a interest rate of 5%. How long will it take you to save $30,000?