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Determining the pension adjustment

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Reference no: EM133122737

In 2019, Frederick earned a salary of $84,000. As a member of the RPP sponsored by his employer, he incurred a pension adjustment of $7,320.

a. What would his 2020 RRSP contribution room be, before the pension adjustment?

b. What would his RRSP contribution be after we include the pension adjustment? Ricardo (just celebrated his 30th birthday), wants to accumulate $1 million by the time he turns 65 years of age. If he could obtain an interest rate of 7% (annual compounded monthly) and assuming he allows it to compound until age 65, how much will he have to invest monthly to reach his goal?

Reference no: EM133122737

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