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Emma makes regular (end of period) deposits into her RRSP (Registered Retirement Savings Plan) that will be converted into an RRIF (Registered Retirement Income Fund)

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Emma makes regular (end of period) deposits into her RRSP (Registered Retirement Savings Plan) that will be converted into an RRIF (Registered Retirement Income Fund) 34 years from now. During retirement Emma would like to receive $2,450 at the end of each month for seventeen years. If interest is 5.64% compounded monthly (for both the RRSP and RRIF). Round all answers to two decimal places where necessary. 1) How much money should Emma have in her RRIF to receive payments of $2,450 at the end of each month? P/Y C/Y = N = 1/Y - PV = $ PMT - $ FV - S 2) What payment will Emma have to make at the end of each month into her RRSP so that there is enough money in her RRIF at the start of her retirement? P/Y= C/Y - N- 1/Y - PV = 5 PMTS FV-S

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