Gina has $500,000 accumulated in her RRSP and intends to use the amount to purchase a 20-year

Question:

Gina has $500,000 accumulated in her RRSP and intends to use the amount to purchase a 20-year annuity. She is investigating the size of quarterly payment she can expect to receive, depending on the rate of return earned by the funds. What nominal rate of return must the funds earn for the beginning-of-quarter payment to be:
a. $10,000?
b. $11,000?
c. $12,000?

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