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Sara would like to retire 36 years from today. She is currently employed and is able to contribute $115 each week into her RRSP account.
Sara would like to retire 36 years from today. She is currently employed and is able to contribute $115 each week into her RRSP account. She will continue to make this weekly contributions until retirement. Sara would like to have $3.07 million in her account the day she retires. She realizes that her weekly contributions will not be enough to achieve her retirement saving goal. Sara anticipates receiving an inheritance 17 years from today. She will deposit part of her inheritance into her RRSP account. How much of her inheritance should Sara deposit 17 years from today so as to make up for the short fall and meet her retirement goals? Assume her RRSP account will earn an interest of 8% compounded weekly
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