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How much will Isabella have at retirement

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Question - Isabella (25 yr. old) and Chris (35 yr. old) graduated from Tulane University and began working in the family business. The first year, Isabella began putting $3,000 per year in a registered retirement saving plan (RRSP) and contributed to it for a total of 10 years. After that time, she made no contributions until she retired at age 65. Chris did not start making contributions to his RRSP until he was 55, but he continued making contributions of $3,000 per year until he retired at age 65. Assuming that both Isabella and Chris receive 12% interest compounded annually per year, how much will Isabella have at retirement? How much did she contribute in total? How much will Chris have at retirement? How much did he contribute in total?

Reference no: EM132516836

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