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Lada Lada
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6 years ago
Note: The calculations for this question were done using Excel's RATE function.
What nominal rate of interest is paid on quarterly RRSP contributions of $573.00 made for 17.75 years if the balance just after the last contribution is $106 000.00?
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Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
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wrote...
6 years ago
Nper 71    
Pmt -573.00
FV 106000.00
Result 0.0242781
The nominal rate is 2.42781% × 4 = 9.71124%
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