Ralph Wants to Know What He Should Be Able to Save

question 5

Multiple Choice

Ralph wants to know what he should be able to save in his child's RESP account if he contributes $2,500 per year and also gets the CES grant of $500 each year.He wants to assume a conservative investment return of four percent annual return and that he will only contribute until the child is 15 (assume 15 years of $3000 deposits made at the end of the year) .

• A)$46 500
• B)$52 200
• C)$65 500
• D)$60 700

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Definitions:

Scoring System

A method or criteria used to quantify actions, performance, responses, or achievements in various contexts.

Psychologists

Professionals who study mental processes and behavior through research and observation, often providing counseling and therapy.

Rorschach Blot

A projective psychological test consisting of inkblots presented to a subject, whose interpretations of the shapes are analyzed to assess emotional function and personality.

Therapist

A professional trained to provide psychological treatment and support to individuals or groups.