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George Springer will make $5,900 monthly payments into his Canadian Retirement account. At retirement, he will receive $10,000 monthly payments for 15 years. If rates

George Springer will make $5,900 monthly payments into his Canadian Retirement account. At retirement, he will receive $10,000 monthly payments for 15 years. If rates are always 5.6 % compounded semi-annually, in how many years can he retire? (7 marks)

How much money will George need in the future to sustain the $10,000 monthly payments for 15 years?
In how many years can he retire?

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