Mrs. Corriveau has just retired at age 58 with $160,360 in her RRSP. She plans to live

Question:

Mrs. Corriveau has just retired at age 58 with $160,360 in her RRSP. She plans to live off other savings for a few years and allow her RRSP to continue to grow on a tax-deferred basis until there is an amount sufficient to purchase a 25-year paying $2000 at the end of each month. If her RRSP and the each earn 7.5% compounded monthly, how much longer must she let her RRSP grow (before she buys 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,...