Top Posters
Since Sunday
5
k
4
c
4
4
M
3
t
3
i
3
B
3
k
3
m
3
c
3
o
3
Home Q & A Board Science-Related Homework Help Mathematics
New Topic  
johndoris johndoris
wrote...
Go to Answer
Posts: 150
Rep: 0 0
A year ago
Mr. Palmer wants to retire in 20 years and purchase a 25 year annuity that will make end-of-quarter payments. The payment size is to be the amount which, 20 years from now, has the purchasing power of $6000 today. If he already has $54,000 in his RRSP, what semiannual contributions must he make for the next 20 years to achieve his retirement goal? Assume that the annual rate of inflation for the next 20 years will be 2.5%, the RRSP will earn 8% compounded semiannually, and the rate of return on the fund from which the annuity is paid will be 5.6% compounded quarterly.
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
Read 55 times
1 Reply
Replies
Answer verified by a subject expert
EM81607EM81607
wrote...
#1
Posts: 156
Rep: 0 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

johndoris Author
wrote...

A year ago
this is exactly what I needed
alpheratz
wrote...

Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
einstein
wrote...

2 hours ago
Thanks for your help!!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  860 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 276
  
 50
  
 821
Your Opinion
Which country would you like to visit for its food?
Votes: 215
Previous poll results: What percentage of nature vs. nurture dictates human intelligence?