Education fund withdrawal calculation

Status: Closed
Prize: $25
Entries Received: 13
Winner: ikramk565

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Contest Brief

Canada - I have a Registered Education Savings Plan for 2 children - 18 and 15 years old.
$89,000. balance.
We need to calculate how much to withdraw every 6 months so that each child receives the same overall total.
The 18 year old has just started 1st of 4 year program. Started September 2022.
The 15 year old will start his program in September of 2025.
we will continue to deposit $665 per month for the next 39 months
Assuming an investment return of 4% in the plan, please chart deposits, withdrawals and dividend interest (4%) earned in the plan.
From now to end of last school program of 2nd child which is June 2029.
Part 2 - would also like to see a calculation if we changed the $665 per month for 39 months into a lump sum deposit now instead of over 39 months.
Please show examples of similar jobs you have finished, perhaps retirement forecasts ect. Thank you

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Public Clarification Board

Contest Holder
- 1 year ago
Attention: clarification .
Child #1 can start withdrawals anytime now and his last withdrawal should be in January 2026
Child #2 will not start any withdrawals until his schooling starts which is September 2025 and ending June 2029
- 1 year ago
View 2 more messages
1. ikramk565
  - 1 year ago
  Thank you so much. I am still here, and my aim is to make my clients happy. In case you need any enhancement. Please feel free to message me.
  - 1 year ago
2. mathexpert2021
  - 1 year ago
  What's your opinion on my work?
  - 1 year ago
mathexpert2021
- 1 year ago
I have submitted my entry.
- 1 year ago
ikramk565
- 1 year ago
Please check my entry 19. Each withdraw amount is $8,114.5 and both child will get a total amount $64,916.
- 1 year ago
EngAhmedBadr2016
- 1 year ago
By your selection between deposit 665$/month or 25935$ only now, you'll get all calculations easily
- 1 year ago
ikramk565
- 1 year ago
Please check my second entry #9 .
- 1 year ago
1. Contest Holder
  - 1 year ago
  Your presentation is looking excellent so far, very nice
  - 1 year ago
PDPARMAR
- 1 year ago
#11 resubmitted with correction, please check.
- 1 year ago
PDPARMAR
- 1 year ago
#10 soory, in my entry, last screenshot is wrong. As 8000*8=64000 & 64000+813=64813 for each child.
- 1 year ago
rabinusd
- 1 year ago
Hi, would you please explain 4% interest rate is simple or compound? Thanks .
- 1 year ago
ikramk565
- 1 year ago
Hi, Please check #4 . I am ready with the excel file. If you like it, then message me. The calculations are kept very simple and show monthly result to follow. This table is will allow you to deposit lump sum any month and keep calculating the fund for equal distribution.
- 1 year ago
ahgh2018
- 1 year ago
Want to calculate the return on depositing $665 per month for the next 39 months.
Assuming an investment return of 4% annually.
- 1 year ago
aakashmore4
- 1 year ago
Sir please give me your project i am complete your project time to time and deliver to you and i experience in this field.
- 1 year ago