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Darcy began making monthly contributing to his RRSP at the age of 2 4 . His average monthly contribution, starting 1 month after his 2

Darcy began making monthly contributing to his RRSP at the age of 24. His average monthly contribution, starting 1 month after his 24th birthday, was $125 and his RRSP earned interest at an average rate of 7.5% compounded monthly. Darcy stopped making contributions when he retired at the age of 50 and started to withdraw a pension from his RRSP.
a. Determine the amount in Darcys RRSP on his 50th birthday.
b. Darcydecidestore-investthetotalamountofhisRRSPtoprovideanannuity
for his monthly income during his retirement. Suppose Darcy was able to obtain the same average interest rate and chose a 20-year term for his annuity. What monthly pension could he withdraw for the next 20 years?
Please show all steps and don't just copy and paste what is already on this webstite. thank you.

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