Question
Charlie currently has $80,000 in his RRSP. He contributes $500/mth for 15 years and then converts his RRSP into a 20 year annuity with monthly
Charlie currently has $80,000 in his RRSP. He contributes $500/mth for 15 years and then converts his RRSP into a 20 year annuity with monthly payments. If the RRSP earns 6% compounded monthly and the annuity earns 5% compounded semi-annually, what is the size of payment he can receive?
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Finance Theory And Practice
Authors: Anne Marie Ward
3rd Edition
1908199482, 978-1908199485
