Harold, just turned 27, wants to accumulate an amount in his RRSP at age 60 that will have the purchasing power of $300,000 in current dollars. What annual contributions on his 28^th through 60^th birthdays are required to meet this goal if the RRSP earns 8.5% compounded annually and the rate of inflation is 2.5% per year?

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The Answer of Harold, just turned 27, wants to accumulate an amount in his RRSP at age 60 that will have the purchasing power of $300,000 in current dollars. What annual contributions on his 28^th through 60^th birthdays are required to meet this goal if the RRSP earns 8.5% compounded annually and the rate of inflation is 2.5% per year?

Harold, Just Turned 27, Wants to Accumulate an Amount in His