Mr. and Mrs. Zolob contributed $50 on the first of each month to an RESP they set up for their grandson Jeff. By the time he entered Mohawk College, 14 years and 5 months of contributions had accumulated. The grandparents' contributions stopped, and Jeff started beginning-of-month withdrawals of $500.
How long will these payments last if the RESP has earned and will continue to earn 8.25% compounded monthly?

Question

Mr. and Mrs. Zolob contributed $50 on the first of each month to an RESP they set up for their grandson Jeff. By the time he entered Mohawk College, 14 years and 5 months of contributions had accumulated. The grandparents' contributions stopped, and Jeff started beginning-of-month withdrawals of $500.
 How long will these payments last if the RESP has earned and will continue to earn 8.25% compounded monthly?

Quizplus · Accepted Answer

The Answer of Mr. and Mrs. Zolob contributed $50 on the first of each month to an RESP they set up for their grandson Jeff. By the time he entered Mohawk College, 14 years and 5 months of contributions had accumulated. The grandparents' contributions stopped, and Jeff started beginning-of-month withdrawals of $500.
 How long will these payments last if the RESP has earned and will continue to earn 8.25% compounded monthly?

Mr and Mrs