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EBK CFIN
EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 8PROB
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QUESTION 5 Darren is going to invest $800 every month into an RRSP for the next 14 years until he retires. For the first 9 years he wil be earning 3.85% compounded quarterty and for the next 5 years he will be earmning 3.93% compounded monthly. How much money will Darren have when he retires? Round your final answer to 2 decimal places.
Transcribed Image Text:QUESTION 5 Darren is going to invest $800 every month into an RRSP for the next 14 years until he retires. For the first 9 years he wil be earning 3.85% compounded quarterty and for the next 5 years he will be earmning 3.93% compounded monthly. How much money will Darren have when he retires? Round your final answer to 2 decimal places.
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