Erica deposits $1,400 at the end of every 3 months in an RRSP that is earning 6.90% compounded semi-annually. For the RRSP to accumulate to $38,000, calculate the following: a. How many deposits will he have to make? Round up to the next whole number b. How long will he have to make these deposits? years months Express the answer in years and months, rounded to the next payment period
Erica deposits $1,400 at the end of every 3 months in an RRSP that is earning 6.90% compounded semi-annually. For the RRSP to accumulate to $38,000, calculate the following: a. How many deposits will he have to make? Round up to the next whole number b. How long will he have to make these deposits? years months Express the answer in years and months, rounded to the next payment period
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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Erica deposits $1,400 at the end of every 3 months in an RRSP that is earning 6.90% compounded semi-annually. For the RRSP to accumulate to $38,000, calculate the following:
a. How many deposits will he have to make?
Round up to the next whole number
b. How long will he have to make these deposits?
years
months
Express the answer in years and months, rounded to the next payment period
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