Nikola just turned 42 years old and is planning to retire at age 61. She...
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Nikola just turned 42 years old and is planning to retire at age 61. She has already saved $201,000.00 in her RRSP. If she continues to contribute $500.00 at the beginning of every month, how much money will be in her RRSP at retirement if it can earn 8.7% compounded monthly? No deposit is made theday she turns 61.a. Use the compound interest formula, FV = PV(1 + i), to find the future value of the current amount in the investment.At retirement, the $201,000.00 will have grown tob. Determine the annuity type.Ordinary Simple AnnuityOrdinary General AnnuitySimple Annuity DueGeneral Annuity Duec. Identify the following pieces of information to be used to calculate the future value of the annuity.Periodic Payment: PMT=Number of Payments per Year: PY =Total Number of Payments: NAnnual Interest Rate: r =d. Determine the total value of the investment at retirement (incorporating your answer from part a. above).Number of Compoundings per Year: CY=
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