Question
A. Mr. Deneau accumulated $90,000 in an RRSP. He converted the RRSP into a RRIF and started to withdraw $4800 at the end of every
A. Mr. Deneau accumulated $90,000 in an RRSP. He converted the RRSP into a RRIF and started to withdraw $4800 at the end of every three months from the fund. If interest is 10.95% compounded annually, for how long can Mr. Deneau make withdrawals? State your answer in years and months (from 0 to 11 months). He can make withdrawals for __year(s) and ____month(s)
B. What is the nominal annual rate of interest compounded quarterly if a loan of$23,000 is repaid in eight years by payments of $2000 made at the end of every six months? The nominal annual rate of interest is ____% compounded quarterly. (Round to two decimal places as needed.)
C. Mr. Clark makes a deposit at the beginning of every three months into a savings account that earns interest at 6.3% compounded quarterly. He saves for six years, then converts his savings into an annuity that pays him $950 at the beginning of every three months for ten years. What is the size of the deposit he makes while he is saving? The size of the deposit is $____ (Round the final answer to the nearest cent as needed)
PLEASE ANSWER ALL PARTS:)
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