Question

How long will it take an RRSP to grow to $730,000, if it takes
in month-end contribution of $1300 and earns: |

a. |
4.3% compounded monthly? |

years, month(s) |

b. |
6.5% compounded monthly? |

years, month(s) |

c. |
8.3% compounded monthly? |

years, month(s) |

d. |
9.3% compounded monthly? |

years, month(s) |

Answer #1

FV =730000

PMT =1300

a. Rate per month =4.3%/12

Number of months using financial calculator (by rounding to next
integer)

I/Y =4.3%/12;PMT=1300;FV=-730000;CPT N=308.27

**Time =25 years and
9 months**

b. Rate per month =6.5%/12

Number of months using financial calculator

I/Y =6.5%/12;PMT=1300;FV=-730000;CPT N=278.51

**Time =23 years and
3 months**

c. Rate per month =8.3%/12

Number of months using financial calculator

I/Y =8.3%/12;PMT=1300;FV=-730000;CPT N=230.09

**Time =19 years and
3 months**

d. Rate per month =9.3%/12

Number of months using financial calculator

I/Y =9.3%/12;PMT=1300;FV=-730000;CPT N=217.28

**Time =18 years and
2 months**

Deon makes monthly contributions of $250.00 at the end of every
month into an RRSP. Calculate, to the nearest month, how long it
will take to grow to $100 000.00 if interest is 8% compounded
annually.
ANSWER: __________________________

How long will $500,000, in an investment account that earns
3.25% compounded monthly, sustain month-end withdrawals of $3000?
(Do not round intermediate calculations and round up the
number of payments, n, to the next whole number.)
years and months.

Ali deposited $1,400 at the end of every month into an RRSP for
8 years. The interest rate earned was 4.75% compounded
semi-annually for the first 4 years and changed to 5.00% compounded
monthly for the next 4 years. What was the accumulated value of the
RRSP at the end of 8 years?

David deposited $500 at the end of every month into an RRSP for
8 years. The interest rate earned was 4.75% compounded
semi-annually for the first 2 years and changed to 5.00% compounded
monthly for the next 6 years. What was the accumulated value of the
RRSP at the end of 8 years?

Sophie deposited $1,300 at the end of every month into an RRSP
for 9 years. The interest rate earned was 4.50% compounded
semi-annually for the first 3 years and changed to 4.75% compounded
monthly for the next 6 years. What was the accumulated value of the
RRSP at the end of 9 years?
( Pls give me solution too ) thank you <3

Use logarithms to solve the following problems
1. How long will it take $12,000 to grow to $18,000 if the
investment earns interest at the rate of 2%/year compounded
monthly?
2. Find the interest rate needed for an investment of $4200 to
double in 6 years if interest is compounded continuously
3. How long will it take an investment of $7,000 to double if
the investment earns interest at the rate of 5% compounded
continuously?

How long will it take (in years and months),
for $400 to double in value, if it earns interest
at 3.13% compounded semi-annually.
Round N to the next higher value (e.g. N = 123.2 becomes N = 124),
and round the month to the next higher month (e.g. 7.1 becomes 8).
Years must be an integer. If years is an
exact integer such as 17 years 0
months, a zero must be entered for
months.
I/Y =
%
P/Y =...

Harlan made equal payments at the end of each
month
into his RRSP. If interest in his account is
11.1%
compounded
semi-annually,
and the balance after
eleven
years is
$14,000,
what is the size of the
monthly
payment?
The size of the
monthly
payment is
$nothing.
(Round the final answer to the nearest cent as needed. Round
all intermediate values to six decimal places as needed.)

Bonnie and Clyde want to take a six-month leave of absence from
their jobs to travel extensively in South America. Rounded to the
next higher month, how long will it take them to save $40,000 for
the leave if they make month-end contributions of $700 to their
employer's salary deferral plan? The salary deferral plan earns
7.5% compounded semiannually.

(Annuity number of periods) How long will it take to pay off a
loan of $47,000 at an annual rate of 9 percent compounded monthly
if you make monthly payments of $500? Use five decimal places for
the monthly percentage rate in your calculations. The number of
years it takes to pay off the loan is _ years. (Round to one
decimal place.)

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 4 minutes ago

asked 22 minutes ago

asked 29 minutes ago

asked 30 minutes ago

asked 33 minutes ago

asked 33 minutes ago

asked 38 minutes ago

asked 48 minutes ago

asked 54 minutes ago

asked 55 minutes ago

asked 1 hour ago

asked 1 hour ago