Question

Alice keeps meaning to invest more in her RRSP. Her original plan was to invest $6000 eight months ago and an additional $7000 in four months. Unfortunately, due to unforeseen circumstances, she couldn't follow her initial investment plan.

(a) Calculate the total amount Alice originally intended to invest in her RRSP, and determine the amount she has already invested.

(b) Determine the amount she still needs to invest to meet her initial investment plan.

(c) Suppose she decides to invest the remaining amount immediately. Calculate the total investment in her RRSP after this additional investment.

Answer 1

Alice intended to invest a total of $13,000 in her RRSP. Without specifics on her current investments, it is assumed she needs to invest the full amount still. If she invests this remaining amount immediately, her total RRSP investment would be $13,000.

Step-by-step explanation:

(a) Alice originally intended to invest a total amount of $13,000 in her RRSP, which is the sum of the two planned investments of $6000 and $7000. However, the question does not provide any information about the amount she has already invested, so we cannot determine that amount without additional details.

(b) Assuming Alice has not yet invested any amount, she would still need to invest the entire $13,000 to meet her initial plan.

(c) If Alice decides to invest the remaining amount immediately, and this amount is the total she originally planned to invest, her total investment in the RRSP would be $13,000 after this additional investment.