Mr. Hughes has contributed $4000.00 per year for the last ten years into a RRSP account earning 9.00% compounded annually. Suppose he leaves the accumulated contributions for another five years in the RRSP at the same rate of interest.
a) How much will Mr. Hughes have in total in his RRSP account?
b) How much did Mr. hughes contribute?
c) How much will be interest?
Correct Answer:
Verified
= 4000.00(15....View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q8: Jason deposited $100.00 at the end of
Q9: What is the discounted value of deposits
Q10: How much interest is included in the
Q11: If a loan was repaid by ordinary
Q12: An installment contract for the purchase of
Q14: To what will deposits of $47.00 made
Q15: For the last four years Joe Thiesman
Q16: Find the present value for payments of
Q17: Find the amount to which monthly deposits
Q18: A man put aside $5710.00 at the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents