Question
Ricardo is aware that he should save as much as possible early in his career while his personal responsibilities are minimal. Therefore he has adopted
Ricardo is aware that he should save as much as possible early in his career while his personal responsibilities are minimal. Therefore he has adopted an aggressive savings plan put aside $1,500 in his TFSA at the beginning of each month for a year. (He has never contributed to a TFSA and has sufficient contribution room.) Ricardos savings are expected to earn 2% per annum, compounded semi-annually and he will make his first contribution 6 months from today. How much will he have in his TFSA in 2 years time if no further contributions are made?
- $18,195
- $18,377
- $18,407
- $18,502
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Contemporary Auditing Real Issues And Cases
Authors: Michael C. Knapp
7th Edition
0324658052, 978-0324658057
