How Much More Will You Have in Your RRSP at Age

question 109

Short Answer

How much more will you have in your RRSP at age 65 if you begin annual $1,000 contributions to your plan on your 26^th birthday instead of on your 27^th birthday? Assume that the RRSP earns 8% compounded annually and that the last contribution is on your 65^th birthday.

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Definitions:

Inattention

The lack of focus or concentration on a specific task or environment, often noted in various psychological diagnoses.

Hyperactivity

A condition characterized by overly active behavior that can include excessive talking, fidgeting, or difficulty remaining still and focused.

Impulsivity

A trait signifying a tendency to act on a whim, displaying behavior characterized by little or no forethought, reflection, or consideration of the consequences.

Biopsychosocial Approach

A holistic perspective in health and illness considering biological, psychological, and social factors as interconnected influences.