Maria is 30 years old and just started working as a contractor for Microsoft

Finance Oct 23, 2020

Maria is 30 years old and just started working as a contractor for Microsoft. As a contractor she is paid on the 1^st of each month. Upon receipt of her pay, she immediately contributes $500 to her Tax-Free Savings Account (TFSA). She believes in the Pay Yourself First Method where she takes the money out of her bank account as soon as she is paid and transfers it to her savings before she can spend it. If she continues to do so for the next 35 years, how much will she have accumulated in her TFSA for her retirement? She guesses that she could earn 5% interest compounded weekly over this period of time.