Ariana contributed $100 from her pay cheque at the beginning of every month from age 18...

Ariana contributed $100 from her pay cheque at the beginning of every month from age 18 to 65 into an RRSP account (no contribution in the month of her 65th birthday). Macy contributed $4000 at the beginning of every year from age 35 to 55 into a similar RRSP account, then leave the money in the fund to accumulate for another 10 years(no contribution in the year of her 55th birthday). money earned 4.8% compounded daily in both RRSP accounts.
1. who had the greater accumulates value, and how much were they.
2. how much interest did each earn

Solutions

Expert Solution

Please refer to below spreadsheet for calculation and answers. Cell reference also provided.

Cell reference -

Hope this will help, please do comment if you need any further explanation. Your feedback would be appreciated.

jeff jeffy answered 1 year ago

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