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An 18-year-old college student plans to save a "Buck-A-Day" in a glass jar and after one year, set ...

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An 18-year-old college student plans to save a "Buck-A-Day" in a glass jar and after one year, set ...

An 18-year-old college student plans to save a "Buck-A-Day" in a glass jar and after one year, set up a Retirement Savings Plan with $365. One year later he will make his second contribution to the RSP but it will be 10% larger than the first one. He will continue to increase his annual contributions by 10%. He anticipates that his investments can earn an annual return of 12.5% compounded annually. How much money is he expecting to have in the RSP after 40 years?

▸ $773,510

▸ $1,529,444

▸ $1,411,823

▸ $962,720

▸ $284,291

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

Read 67 times

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Smart ... Thanks!

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