question archive Jack makes annual contributions of $2000 starting on his 27th birthday

Jack makes annual contributions of $2000 starting on his 27th birthday

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  1. Jack makes annual contributions of $2000 starting on his 27th birthday. How much will he accumulate in his RRSP by age 60, if RRSP earns 8% compounded annually and NO CONTRIBUTION is made on his sixtieth birthday? *
  2. Joseph deposits $1000 in his savings account at the end of first year. He plans to increase the deposit size by 10% every year till 10th year. Find the accumulated value in his account at the end of 10th year if interest is j1=7% *

 

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