Bernice is about to retire with $139,000 in her RRSP. She will make no further contributions to
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Bernice is about to retire with $139,000 in her RRSP. She will make no further contributions to the plan, but will allow it to accumulate earnings for another six years. Then she will purchase an annuity providing payments of $5000 at the end of each quarter. Assume that the RRSP will earn 4.5% compounded annually and the funds invested in the annuity will earn 3.6% compounded monthly. How long after the purchase of the annuity will its payments continue?
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At a focal date 6 years from now FV of 139000 PV of the ordi...View the full answer
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Related Book For 
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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