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Jacob contributed $1900.00 at the beginning of every month to an RRSP. Interest on the account is 4.95% compounded monthly. If she converted the balance
Jacob contributed $1900.00 at the beginning of every month to an RRSP. Interest on the account is 4.95% compounded monthly. If she converted the balance after 13 years into an RRIF paying 7.1% compounded quarterly and makes equal quarterly withdrawals for 20 years starting three months after the conversion into the RRIF, what is the size of the quarterly withdrawal?
Please show all work using formulas (no excel).
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