Shawn made equal deposits at the beginning of every 3 months into an RRSP. At the end of 10 years, the fund had an accumulated value of $55,000. If the RRSP was earning 2.25% compounded monthly, what was the size of the quarterly deposits?
Shawn made equal deposits at the beginning of every 3 months into an RRSP. At the end of 10 years, the fund had an accumulated value of $55,000. If the RRSP was earning 2.25% compounded monthly, what was the size of the quarterly deposits?
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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Shawn made equal deposits at the beginning of every 3 months into an RRSP. At the end of 10 years, the fund had an accumulated value of $55,000. If the RRSP was earning 2.25% compounded monthly, what was the size of the quarterly deposits?
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