4. You are in your 4th year now and realize that you need to create a budget for yourself. You make $1,500 a month at your part-time job, and have $1,350 in monthly expenses. Your parents encourage you to start an RRSP (registered retirement savings plan) by putting the rest of the money you have at the end of every month into an account that pays an average of 4.3% per year compounded monthly. How much will you have when you retire in 45 years if you continue?

4. You are in your 4th year now and realize that you need to create a budget for yourself. You make $1,500 a month at your part-time job, and have $1,350 in monthly expenses. Your parents encourage you to start an RRSP (registered retirement savings plan) by putting the rest of the money you have at the end of every month into an account that pays an average of 4.3% per year compounded monthly. How much will you have when you retire in 45 years if you continue?

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter19: Capital Investment

Section: Chapter Questions

Problem 8E

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