What Is the Amount of the Initial Deposit Required to Have

question 21

Short Answer

What is the amount of the initial deposit required to have an RRSP account of $750,000 in 40 years, if deposits are made at the end of each quarter, the plan allows for a 2.5% adjustment for inflation, and money earns 3.8% compounded quarterly?

---

Definitions:

Petrus Stuyvesant

The last Dutch Director-General of the colony of New Netherland until it was ceded to the English in 1664, known for his efforts to strengthen the colony's defenses and manage relations with Native Americans.

Dutch Reformed Church

A Protestant denomination that originated in the early 16th century during the Reformation in the Netherlands, with doctrines rooted in Calvinism.

Quakers

Members of the Religious Society of Friends, a Christian movement known for its commitment to pacifism, equality, and social justice.

Lutherans

Members of a Protestant denomination that follows the theological teachings and practices originated by Martin Luther.