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I need a quick answer with formula and calculation Mark decides to invest $350.00 at the end of each month in an RRSP account earning
I need a quick answer with formula and calculation
Mark decides to invest $350.00 at the end of each month in an RRSP account earning interest at 3.88% compounded annually. After 20 years he will convert the balance into an RRIF account and will make equal monthly withdrawals of $1,500.00 for 10 years starting one month after the conversion. What is the semi-annually compunded nominal rate of earned by the RRIF account?
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