For the past 29 years, Ben has contributed $1,830 to his RRSP at the end of every 3 months. The plan earned 7 70% compounded annually for the first 15 years and 7.50% compounded quarterly for the subsequent 14 years What is the value of his RRSP today? For full marks your answerts) should be rounded to the nearest cent RRSP value $0.00

For the past 29 years, Ben has contributed $1,830 to his RRSP at the end of every 3 months. The plan earned 7 70% compounded annually for the first 15 years and 7.50% compounded quarterly for the subsequent 14 years What is the value of his RRSP today? For full marks your answerts) should be rounded to the nearest cent RRSP value $0.00

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 12E

See similar textbooks

Similar questions

Abe Washington sold some property in Oregon and will receive $40,000 in 5 equal payments of $8,000 at the end of each year from today. What is the present value of these future payments at an interest rate of 9% compounded annually? Round answer to the nearest dollar. show in excel if possible
Mr. Sutton has contributed $525 at the beginning of each year into an RRSP paying 6% compounded quartly. How much will he have in the RRSP after 11 years and how much was interest?
Bived Aaron contributed $2.100 to his RRSP at the end of every half-year. What was the value of his RRSP after 13.5 years if the RRSP grew at 3.6% compounded semilannually? (Round your final answer to 2 decimal places.) Value of RRSP %24
Abe Washington sold some property in Oregon and will receive $40,000 in 5 equal payments of $8,000 at the end of each year from today. What is the present value of these future payments at an interest rate of 9% compounded annually? Round answer to the nearest dollar.
Additionally complete the following problems (showing all work): i. Joshua plans to retire in 25 years. He will make 15 years of equal monthly payments into his account. Ten years after his last contribution, he will begin the first of 120 (10 years) of withdrawals of $2900 per month. Assume that the retirement account earns interest of 5.4% compounded monthly for the duration of his contributions, the 10 years in between his contributions and the withdrawals, and the 10 years of withdrawals. How large must Joshua's monthly contributions be in order to accomplish his goal? (The parts below will help you work through this problem.) (a) If Joshua wants to fund 10 years of monthly withdrawals of $2900 at 5.4% interest, compounded monthly, how much needs to be in the account? (b) Use your answer from part (b) as future value to find the present value of a compound interest account for the intervening 10 years. (c) This gives you the amount in the account at the end of the 15 years of…
Mr. Maillet has contributed $170.00 at the end of each month into an RRSP paying 4% per annum compounded. How much will Mr. Maillet have in the RRSP after 15 years? How much of the above amount is interest?
If my balance is $85,000 and I contribute $25,000 p.a for the next 35 years earning a rate of 5%, what will be my final balance?
Starting in 2012, Ira Roth places $5,000 in a Roth IRA at the beginning ofeach year for the next 40 years. Ira believes the account will earn 10 percent ayear compounded yearly. How much will he have in his account in 40 years?
Ali contributed $1,000 per year for the past 9 years into an RRSP account, earning 3.8% compounded annually. If he leaves the accumulated contributions for another 5 years in the RRSP at the same rate of interest, a. How much will Ali have in total in his RRSP account? b. How much did Ali contribute? c. How much will be the interest?
Say that you plan to retire in 9 years. Starting today, you plan to make 9 annual contributions of $6.6k to an investment account that will earn 6.7% interest annually. If you also plan to make a special contribution of $6.6k in 6 years, then what is the account balance when you retire? (Round to the nearest dollar).
Say that you plan to retire one quarter after making quarterly contributions to a retirement account for 10 years. You plan to make quarterly contributions of $1007 to an investment account that will earn 10.0% interest annually. If your first contribution occurs today, then what is the account balance when you retire? (Round to the nearest dollar)
An individual has $1,000 to invest and wants to accumulate $1,470 in 5 years. What interest rate, compounded semiannually, must be earned to accomplish the objective?