We will make annual RRSP contributions at the end of every year for 35 years and each contribution is going to be 8% larger than the previous one. Our goal is to have $2,000,000 in 35 years. The RRSP will earn 13% compounded annually. How large will the first contribution be?
A) $1,048
B) $1,483
C) $1,746
D) $2,295
E) $3,742
Correct Answer:
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