Jack made monthly contributions of $200 to his son's RESP for a total of 12 years. The contributions as well as the CESG was invested at the end of every month in a fund that earned a return of 7% compounded monthly. If Jack's son Emmanuel decides not to attend post-secondary education, and Jack makes a withdrawal from the RESP account in full, how much of that withdrawal will be Accumulated Income Payment? 56,230 19,367 25,127 28,800

CONCEPTS IN FED.TAX.,2020-W/ACCESS
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ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter3: Income Sources
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Jack made monthly contributions of $200 to his son's RESP for a total of 12 years.
The contributions as well as the CESG was invested at the end of every month in a
fund that earned a return of 7% compounded monthly. If Jack's son Emmanuel
decides not to attend post-secondary education, and Jack makes a withdrawal from
the RESP account in full, how much of that withdrawal will be Accumulated Income
Payment?
56,230
19,367
O 25,127
28,800
Transcribed Image Text:Jack made monthly contributions of $200 to his son's RESP for a total of 12 years. The contributions as well as the CESG was invested at the end of every month in a fund that earned a return of 7% compounded monthly. If Jack's son Emmanuel decides not to attend post-secondary education, and Jack makes a withdrawal from the RESP account in full, how much of that withdrawal will be Accumulated Income Payment? 56,230 19,367 O 25,127 28,800
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