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How much money does he need to have

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Question - Use annuity formulas please

1) Andre has stopped smoking. If he takes the $80 he saves each month and invests it into a fund earning 6% compounded monthly, how long will it take for him to save $10,000.

2) When Sinbad retires, he expects his RRSP to pay him $2,000 at the end of every month for 25 years. If his retirement annuity earns 3.8% compounded quarterly, how much money does he need to have in his RRSP when he retires?

3) If $38,000 is invested for 15 years at 9.4% compounded quarterly and then pays out $10,000 at the beginning of each year while earning 2.4% compounded annually, how far from today would the last payment occur?

Reference no: EM133013162

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