Question 1132957

Compare the amounts at age 65 that would result from making an monthly deposit of $300 starting at age 16, or from making an monthly deposit of $1750 starting at age 50, to an RRSP that earns 3% interest per annum, compounded monthly. What is the total of the deposits in each situation? What should you do?
<pre>Correct answers: {{{highlight_green(matrix(2,11, Total, deposits, from, age, "16:", "$176,400.00,", and, accumulated, amount, "is:", "$400,951.68", Total, deposits, from, age, "50:", "$315,000.00,", and, accumulated, amount, "is:", "$397,202.21"))}}}
Can YOU now make a decision?