Monty is checking potential outcomes for the growth of his RRSP. He plans to make contributions of $500 at the end of each month. What nominal rate of return must his RRSP earn for its future value after 25 years to be:
a. $400,000?
b. $500,000?
c. $600,000?
(Note that a modest increase in the rate of return over a long period produces substantially larger future values.)

Question

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The Answer of Monty is checking potential outcomes for the growth of his RRSP. He plans to make contributions of $500 at the end of each month. What nominal rate of return must his RRSP earn for its future value after 25 years to be:
a. $400,000?
b. $500,000?
c. $600,000?
(Note that a modest increase in the rate of return over a long period produces substantially larger future values.)

Monty Is Checking Potential Outcomes for the Growth of His