Jacob Is Depositing $125 Per Month into His RRSP at an Interest

question 144

Short Answer

Jacob is depositing $125 per month into his RRSP at an interest rate of 4.5% compounded monthly. How long will it take for his RRSP to accumulate to $10,000?

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Definitions:

COUNTIF

A function in spreadsheet applications that counts the number of cells within a range that meet a specified condition.

AVERAGEIF

An Excel function that calculates the average of all numbers in a range that meet specified criteria.

Financial Functions

Specific mathematical formulas used in spreadsheets or financial software to perform calculations related to finance, such as interest rates, payments, and investment returns.

FV

Future Value, a finance function that calculates the future value of an investment based on a constant interest rate and fixed payments over time.