As a result of the closure of the mine at which he had been employed, Les Orr

Question:

As a result of the closure of the mine at which he had been employed, Les Orr received a $27,000 severance settlement on his fifty-third birthday. He “rolled” the severance pay into a new RRSP and then, at age 62, used the accumulated funds to purchase an paying $491.31 at the beginning of each month. If the RRSP and the earn 8.5% compounded annually, what is the term of the Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...