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Levi makes regular (end of period) deposits into his RRSP (Registered Retirement Savings Plan) that will be converted into an RRIF (Registered Retirement Income Fund)
Levi makes regular (end of period) deposits into his RRSP (Registered Retirement Savings Plan) that will be converted into an RRIF (Registered Retirement Income Fund) 34 years from now. During retirement Levi would like to receive $2,050 at the end of every three months for fourteen years. If interest is 4.78% compounded quarterly (for both the RRSP and RRIF). Round all answers to two decimal places where necessary. 1) How much money should Levi have in his RRIF to receive payments of $2,050 at the end of every three months? P/Y = C/Y = N = I/Y = % PV = $ PMT = $ FV = $ 2) What payment will Levi 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? P/Y = CNY = N = I/Y = % PV = $ PMT = $ FV = $
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