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John will reitre next month and has $ 6 5 0 , 0 0 0 in Registered Retirement Savings Plan ( RRSP ' s )

John will reitre next month and has $

650, 000

in Registered Retirement Savings Plan

(

RRSP

'

) .

He wants a monthly payment at the beginning of each month and expects to earn

7 %,

compounded monthly from equity and bond markets. What monthly amoutn would he be able to withdraw if his fundis expected to last

25

years?

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