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Josiah makes regular (end of term) deposits into his RRSP (Registered Retirement Savings Plan) that will be converted into an RRIF (Registered Retirement Income Fund)
Josiah makes regular (end of term) deposits into his RRSP (Registered Retirement Savings Plan) that will be converted into an RRIF (Registered Retirement Income Fund) 27 years from now. During retirement Josiah would like to receive $5,000 at the end of every three months for 21 years. If interest is 2.66% compounded quarterly (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 Josiah have in his RRIF to receive payments of $5,000 at the end of every three months? P/Y= PV=$ C/Y= % N=I/Y= N=I/Y= PMT=$ FV=$ 2) What payment will Josiah have to make at the end of every three months into his RRSP so that there is enough money in his RRIF at the start of his retirement
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