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Monique contributed ​$4000.00 every year into an RRSP for 20 years. What nominal annual rate of...

Monique contributed ​$4000.00 every year into an RRSP for 20 years. What nominal annual rate of interest will the RRSP earn if the balance in Monique's account just after she made her last contribution was $225,000.00 ? The nominal annual rate of interest is nothing--------​% compounded annually.

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Answer #1

Calculate the rate of interest as follows:

Nominal annual rate is 9.84%.

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