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Calculate the amount that ellie will receive

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Question - Ellie is 30 years old and just started working for Microsoft. She is paid on the 1" of each month. Upon receipt of her gross monthly salary of $9,000, she immediately contributes $1,000 to the Group Registered Retirement Savings Plan (RRSP) where at the same time, the company matches her contribution. She guesses that she could earn 6% interest compounded weekly over this period.

If she continues to do so for the next 35 years, how much will she have accumulated in her RRSP for her retirement? Calculate the amount that Ellie will receive.

Reference no: EM133172263

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