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How much have saved for retirement after forty years

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Reference no: EM133005957

Problem 1: You begin saving for your retirement by depositing $500 at the end of each month in an RRSP. As of the start of these regular payments, you've already saved $10,000. If the interest rate is 7.5%, compounding monthly, how much have you saved for retirement after 40 years?

Select one:

a. $1,511,911

b. $1,710,900

c. $1,672,600

d. $1,798,550

e. $1,695,200

Reference no: EM133005957

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