R.E.S.P.
I used my R.E.S.P. for my equation my parents add 1200$ Canadian dollars a year (100 a month) and the government adds 4% of the money my parents but in every month, what i did was 1200(1+0.04)^13 and i got $1998. This is only the amount the government adds to my R.E.S.P. for the last 13 years and add that to the money my parents put in you get 17,598$ dollars Canadian.
I used my R.E.S.P. for my equation my parents add 1200$ Canadian dollars a year (100 a month) and the government adds 4% of the money my parents but in every month, what i did was 1200(1+0.04)^13 and i got $1998. This is only the amount the government adds to my R.E.S.P. for the last 13 years and add that to the money my parents put in you get 17,598$ dollars Canadian.
I did it
ReplyDeleteThat's a good guaranteed return. Why don't you find an investment calculator online which allows you to input annual or monthly additions? See if you can calculate what you'll have when you're ready to start university in 5 years.
ReplyDelete