How long will it take an RESP to grow to $200,000, if the plan owner contributes $250 at the end of each month and the plan earns: a. 8% compounded monthly? (Round up the number of contributlons to the next Integer.) Months b. 8% compounded quarterly? (Round up the number of contributions to the next Integer.) Months c. 8% compounded semiannually? (Round up the number of contributions to the next Integer.) Months d. 8% compounded annually? (Round up the number of contributlons to the next Integer.) Months
How long will it take an RESP to grow to $200,000, if the plan owner contributes $250 at the end of each month and the plan earns: a. 8% compounded monthly? (Round up the number of contributlons to the next Integer.) Months b. 8% compounded quarterly? (Round up the number of contributions to the next Integer.) Months c. 8% compounded semiannually? (Round up the number of contributions to the next Integer.) Months d. 8% compounded annually? (Round up the number of contributlons to the next Integer.) Months
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
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