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Alex is converting an RRSP balance of $250,000 into a RRIF. Alex wants to receive $1,622 at the beginning of each month for 16 years.

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Alex is converting an RRSP balance of $250,000 into a RRIF. Alex wants to receive $1,622 at the beginning of each month for 16 years. What nominal annual rate of interest compounded semi-annually is required? Round the answer (1/4) to 2 decimal places. Choose BGN or END 2 PV = 5 PMT=S FV = 5 P/Y C/Y NE 1/Y

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