Financial MAth - RRSP

[katkatkat]

Hey there,
im trying to figure out the equation and answer to this question i got on my summative

How much will a RRSP be at maturity if you contribute $386.40 a month compounded monthly at 8 %

any help would be appreciated

 

[Denis]

Hey there,
im trying to figure out the equation and answer to this question i got on my summative
How much will a RRSP be at maturity if you contribute $386.40 a month compounded monthly at 8 %

When is maturity?
Rate is 8% annual compounded monthly?

 

[stapel]

What is an "RRSP"? What formulas did they give you to use?

Thank you.

Eliz.

 

[tkhunny]

Registered Retirement Savings Plan - A Tax Deferred Retirement Savings Instrument.

There is no formula without a maturity date. It could be $386.40 for all we know.