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Henry makes regular (end of term) deposits into his RRSP (Registered Retirement Savings Plan) that will be converted into an RRIF (Registered Retirement Income Fund)
Henry makes regular (end of term) deposits into his RRSP (Registered Retirement Savings Plan) that will be converted into an RRIF (Registered Retirement Income Fund) 22 years from now. During retirement Henry would like to receive $5,000 at the end of every six months for 18 years. If interest is 3.88% compounded semi-annually (for both the RRSP and RRIF). Answer the following questions, and round all answers to two decimal places where necessary. 1) How much money should Henry have in his RRIF to receive payments of $5,000 at the end of every six months? P/Y= o C/Y= os N= FV=$ PMT=$ PV=$ P/Y= os C/Y= N= I/Y= % PV=$ PMT=$ FV=$ Question Help: Message instructor
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