1) If the cost of long term care is increasing at 7 percent a year, what will be the approximate monthly cost for Fran's mother eight years from now?
2) Fran and Ed plan to deposit $1500 a year to thier RRSP's fpr 35 years. If they earn an average annual return of 9 percent, what will be the value of their RRSP's after 35 years?
I know the answers to the above questions but I just don't know what formulas to use for both of them. Can someone please tell me the formulas that I should use for each of the above questions. And I'll post the work + answers that I get for both of them just to verify.