Maximum Deductible Contribution
December 20th, 2008
Question: Eric is a Eric is a member of a defined contribution RPP. Each year he contributes 8% of his $70,000 salary?
Eric is a member of a defined contribution RPP. Each year he contributes 8% of his $70,000 salary to his RPP and his employer matches 50% of his contribution. Eric’s RRSP is worth $40,000 and is currently earning 5%. Eric has always made the maximum deductible RRSP contribution each January for that year. Assuming all of these factors remain unchanged, what will be the value of his RRSP in 20 years time?
a. $ 251,953
b. $ 394,167
c. $ 446,381
d. $ 543,594
Answer: This is not a site to cheat on your homework. Do your own homework.
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