Examlex
Which of the following statements is TRUE?
RRSP
Registered Retirement Savings Plan, a Canadian investment account designed to save for retirement, offering tax benefits.
Compounded
The process where interest is calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan.
Annually
Annually means occurring once every year or pertaining to a period of one year.
Compounded
The process of earning interest on previously earned interest, leading to an increase in the total amount over time.
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