By the Time He Turns 60, Justin (Just Turned Age

question 175

Short Answer

By the time he turns 60, Justin (just turned age 31) wants the amount in his RRSP to have the purchasing power of $250,000 in current dollars. What annual contributions on his 32^nd through 60^th birthdays inclusive are required to meet this goal if the RRSP earns 4% compounded annually?

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Definitions:

Derivative Financial Instrument

is a financial contract whose value is based on the performance of underlying assets, indices, or interest rates, used for speculation, hedging, or risk management.

Option

A financial instrument that gives the holder the right to buy or sell a certain number of shares or debentures in a company by a specified date at a stipulated price.

Shares

Shares represent portions of equity in a company or financial asset, entitling holders to a proportional share of profits through dividends, when declared.