Question

- 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: __________________________

Answer #1

We will use the financial calculator to find the number of months. Please follow the below mentioned steps on your BA 2 PLUS-

2ND FV (to clear previous data)

8/12 I/Y (8% for each month so divided by 12)

-250 PMT (monthly payment)

0 PV (no present value)

100,000 FV (final figure required)

CPT N (computre number of months)

Answer- 195.5414 months

**196 months approximately**

It will take Deon 196 months approximately to grow $100,000.

*Do let me know in the comment section in case of any
doubt.*

Ali deposited $1,400 at the end of every month into an RRSP for
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David deposited $500 at the end of every month into an RRSP for
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How long will it take an RRSP to grow to $730,000, if it takes
in month-end contribution of $1300 and earns: (Round up the
number of contributions to the next integer.)
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)

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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?
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Glenn has made contributions of $250 at the end of every three
months into an RRSP for ten years. Interest for the first four
years was 4% compounded quarterly. Since then the interest rate
has been 5% compounded quarterly. How much will Glenn have in his
RRSP three years after the last contribution?

Mr. Lavergne accumulated $220 000.00 in an RRSP. He converted
the RRSP into an RRIF and started to withdraw $5500.00 at the end
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compounded monthly, how many withdrawals can Mr. Lavergne make?
(Calculate to one decimal place, eg 12.3)

Richard deposit $800 at end of every 3 months in an
rrsp that is earning 5.10% compounded semi annually. for the RRSP
to accumlate to $33000? calculate how many deposit will he have to
make and long he will have to make these deposit?

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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.)

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calculations and round your final answers to 2 decimal
places.)
I need the full steps including the graphical
calcuation or any method,
Nominal rate of return
%
Effective rate of return
%

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Group of answer choices
0.5%
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2
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