One Month from Now, Shiva Will Make His First Monthly

question 49

Essay

One month from now, Shiva will make his first monthly contribution of $250 to a Tax-Free Savings account (TFSA). Over the long run, he expects to earn 8% compounded annually. How long will it take for the contributions and accrued earnings to reach $100 000?

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Definitions:

Conscientiousness

An attribute in an individual's character that involves being structured, dependable, and possessing a serious dedication to duties.

Dependable

Capable of being relied on; trustworthy or reliable.

Conscientiousness

A quality in a person that includes being orderly, trustworthy, and having a deep commitment to obligations.

Diligent

Showing careful and persistent work or effort in tasks or duties.