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Ben is converting an RRSP balance of $275,000.00 into a RRIF. Ben wants to receive $1,981.00 at the beginning of each month for 16 years.

Ben is converting an RRSP balance of $275,000.00 into a RRIF. Ben wants to receive $1,981.00 at the beginning of each month for 16 years. What nominal annual interest rate compounded semi-annually is required? Round the answer (interest rate) to 2 decimal places. Choose BGN or END ? END BGN PV = $ PMT = $ FV = $ P/Y = C/Y = N = I/Y = %

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