Leona Contributed $3,000 Per Year to Her RRSP on Every

Short Answer

Leona contributed $3,000 per year to her RRSP on every birthday from age 21 to age 30 inclusive. She stopped employment to raise a family and made no further contributions. Her husband, John, started to make annual contributions of $3,000 to his RRSP on his 31^st birthday and plans to continue up to and including his 65^th birthday. Assuming that both of their plans earn 8% compounded annually over the years, calculate and compare the amounts in their RRSPs at age 65.