Pascal has recently opened an RRSP. He plans to deposit $ 843 at the end of every month for 20 years. The account will compound interest semi-annually at the nominal rate of 6.5 %. How much money will Pascal have in his account immediately after his last deposit? a. $ 409170.84 b. $ 450087.93 c. $ 376437.18 d. $ 388712.30 e. $ 396895.72

Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.17E
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Pascal has recently opened an RRSP. He plans to deposit $ 843 at the end of every month for 20 years. The account will compound interest semi-annually at the nominal rate of 6.5 %. How much money will Pascal have in his account immediately after his last deposit?

a. $ 409170.84

b. $ 450087.93

c. $ 376437.18

d. $ 388712.30

e. $ 396895.72

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