Question
Troy is saving for his retirement 24 years from now by setting up a savings plan. He has set up a savings plan wherein he
Troy is saving for his retirement 24 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $96.00
at the end of every three months for the next 15 years. Interest is 11% compounded quarterly
(a) How much money will be in his account on the date of his retirement?
(b) How much will Troy contribute?
(c) How much will be interest?
2. Monique contributed $1.500,000 every six months into an RRSP for 20 years. What nominal annual rate of interest will the RRSP earn if the balance in Monique's account just after she made her last contribution was $190,000.00?
P.s: pls show work using financial calculator ( if have ) , no need to show work using formula
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