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Dean has already implemented the first stage of his financial plan. Over a 3 0 - year period, he will continue to increase his annual

Dean has already implemented the first stage of his financial
plan. Over a 30-year period, he will continue to increase his
annual year-end RRSP contributions by 3% per year. His initial
contribution was $2000. At the end of the 30 years, he will
transfer the funds to an RRIF and begin end-of-month withdrawals
that will increase at the rate of 1.8% compounded monthly for 25
years. Assume that his RRSP will earn 9% compounded annually and
his RRIF will earn 6% compounded monthly. What will be the size of
his initial RRIF withdrawal?

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