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**

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ANSWER: __________________________

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( Pls give me solution too ) thank you <3

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