Author Question: Jeff is retired and has an investment fund worth $210 000 in an RRSP, which earns 9% compounded ... (Read 22 times)

burchfield96 · **on:** Jun 6, 2019

Question 1

Olivia plans to have $1 000 000 in her RRSP at her retirement at the age of 60. How long will it take her to accumulate $1 000 000 in an RRSP if the first quarterly contribution of $2000 is made today and RRSP is expected to earn 8% compounded quarterly?
◦ 29 years
◦ 47 years and 3 months
◦ 30 years 6 months
◦ 30 years and 3 months
◦ 28 years 9 months

Question 2

Jeff is retired and has an investment fund worth $210 000 in an RRSP, which earns 9% compounded semi-annually. He plans to withdraw only $2000 at the beginning of each month starting today. When will the fund become depleted?
◦ 9 years
◦ 16 years 10 months
◦ 8 years and 9 months
◦ 17 years
◦ 16 years and 6 months

stillxalice · **Reply #1 on:** Jun 6, 2019

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