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Home Q & A Board Science-Related Homework Help Mathematics
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majarm majarm
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6 years ago
Mr. Hughes has contributed $4000.00 per year for the last ten years into a RRSP account earning 9.00% compounded annually. Suppose he leaves the accumulated contributions for another five years in the RRSP at the same rate of interest.
a) How much will Mr. Hughes have in total in his RRSP account?
b) How much did Mr. hughes contribute?
c) How much will be interest?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
a)   FVn = 4000.00  = 4000.00(15.19292972) = 60 771.72
   FV = 60771.72(1.09)5 = 60771.72(1.538623955) = 93 504.82
b)   Contribution = 10(4000.00) = $40 000.00
c)   Interest = 93504.82 -40000.00 = $53 504.82
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