Harold, Just Turned 27, Wants to Accumulate an Amount in His

question 91

Short Answer

Harold, just turned 27, wants to accumulate an amount in his RRSP at age 60 that will have the purchasing power of $300,000 in current dollars. What annual contributions on his 28^th through 60^th birthdays are required to meet this goal if the RRSP earns 8.5% compounded annually and the rate of inflation is 2.5% per year?

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