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Deon Makes Monthly Contributions of $250

Question 51

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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.

Correct Answer:

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FV = 100 000.00; PMT = 250.00; i = blured image = 8%...

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