Mr. Talbot deposits $1500 at the end of every 6 months into his RRSP. He intends to

Question:

Mr. Talbot deposits $1500 at the end of every 6 months into his RRSP. He intends to leave the money for 14 years, then transfer the balance into a RRIF and make equal withdrawals at the end of every 6 months for 20 years. If interest is 2.8% compounded semi-annually, what will be the size of each withdrawal?

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