Mr Harrison wants to contribute equal amounts for his daughter to a Registered Education Savings Plan (RESP) at the end of every six months for the next 10½ years

Finance Nov 27, 2020

Mr Harrison wants to contribute equal amounts for his daughter to a Registered Education Savings Plan (RESP) at the end of every six months for the next 10½ years. Six months after the last RESP contribution, the first of 10 semi-annual withdrawals of $3500 will be made. If the RESP earns 4.88% compounded annually, what must be the size of his regular RESP contributions?

Round the final answer to the two decimal places as needed. Round all intermediate values to six decimal places as? needed.)

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