Question

Lila and Paul are investing $5000 in their Registered Retirement Saving PLans, RRSPs, at 6% per annum, compounded quarterly. How much will each investment be worth when they reach 60, if Lila makes the deposit on her 38th birthday and Paul makes the deposit on his 48th birthday

Answer 1

Lila
A = 5000(1 + .06/4)^(4*22)
A = 18,534.54 <==ANSWER

Paul
A = 5000(1 + .06/4)^(4*12)
A = 10,217.39 <==ANSWER