Computing the total interest for an rrsp plan

Reference no: EM13826078

Problem:

If Hans contributes $1500 to his RRSP on February 1, 1990 and every 6 months thereafter up to and including February 1, 2017, what amount will he accumulate in the RRSP by August 1, 2017? Assume that the RRSP will earn 8.5% compounded semi-annually. How much of the total will be interest?

Additional Information:

This question is basically belongs to the Finance as well as it explains about computing the total interest for an RRSP plan.

Reference no: EM13826078

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