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Elizabeth contributed $1800.00 at the end of every six months for 21.5 years into an RRSP earning interest at 6.8% p.a. compounded quarterly. Seven
Elizabeth contributed $1800.00 at the end of every six months for 21.5 years into an RRSP earning interest at 6.8% p.a. compounded quarterly. Seven years after the last contribution, Elizabeth converted the RRSP into an RRIF that is to pay her equal quarterly amounts for 15.25 years. If the first payment is due three months after the conversion into the RRIF and interest on the RRIF is 7.8% p.a. compounded quarterly, how much will Elizabeth receive every three months?
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