Questions from Business Mathematics

Q: Harold’s RRSP is already worth $56,000. Rounding n

Harold’s RRSP is already worth $56,000. Rounding n to the next higher integer, how long will it take the RRSP to reach $250,000 if additional contributions of $2000 are made at the end of every six mo...

Q: If money in a new TFSA earns 8.25% compounded

If money in a new TFSA earns 8.25% compounded monthly, how long will it take for the plan to reach $30,000 in value based on end-of-month contributions of $209.59?

Q: Calculate the total amount, including both GST and PST, that

Calculate the total amount, including both GST and PST, that an individual will pay for a car priced at $39,500 in 1. Alberta. 2. Saskatchewan. 3. Quebec.

Q: An endowment fund is set up with a donation of $100

An endowment fund is set up with a donation of $100,000. If it earns 4% compounded monthly, for how long will it sustain end-of-month withdrawals of $1000? (Include the final smaller withdrawal.)

Q: Rounding up the number of contributions to the next integer, how

Rounding up the number of contributions to the next integer, how long will it take an RRSP to surpass $100,000 if it takes in end-of-quarter contributions of $3000 and earns 6% compounded quarterly?

Q: For how long has William been making end-of-quarter

For how long has William been making end-of-quarter contributions of $1200 to his RRSP if the RRSP has earned 4.75% compounded annually and is currently worth $74,385?

Q: Monthly payments of $315.49 are required on a $

Monthly payments of $315.49 are required on a $20,000 loan at 5.5% compounded quarterly. What is the term of the loan?

Q: How long will it take an RRSP to grow to $700

How long will it take an RRSP to grow to $700,000 if it takes in month-end contributions of $1000 and it earns: 1. 4% compounded monthly? 2. 6% compounded monthly? 3. 8% compounded monthly? 4. 9% comp...

Q: An annuity purchased for $50,000 sustained quarterly withdrawals of

An annuity purchased for $50,000 sustained quarterly withdrawals of $1941.01 for 7 years and 9 months. What nominal rate of return and effective rate of return were the retained funds earning?

Q: What quarterly compounded nominal rate and effective rate of interest are being

What quarterly compounded nominal rate and effective rate of interest are being charged on a $5000 loan if quarterly payments of $302.07 will repay the loan in 5 1 2 years?