Payments from the CPP/QPP Are Determined Based on Which of the Following

question 74

Multiple Choice

Payments from the CPP/QPP are determined based on which of the following?

• A)how many years an individual has worked over his or lifetime
• B)how many dependents an individual has
• C)how much an individual contributed over his or lifetime of working
• D)the marital status of the individual claiming the benefit

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Definitions:

APR

The Annual Percentage Rate (APR) is a measure of the cost of borrowing that includes interest and other fees, shown as a yearly rate.

Compound Interest

The concept of earning interest on previously earned interest. A sum earning compound interest grows exponentially over time.

Interest

The expense associated with taking out a loan or the earnings from an investment, usually quantified as a percent of the initial amount.

Annual Percentage Rate

The annual rate charged for borrowing or earned through an investment, which represents the actual yearly cost over the term of a loan.