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Louis puts $10,000/year into an RRSP for 25 years, then stops. Fifteen years later he buys an annuity to pay him a monthly pension for
Louis puts $10,000/year into an RRSP for 25 years, then stops. Fifteen years later he buys an annuity to pay him a monthly pension for 30 years, with the first payment due in one month. Find the pension amount if over the 40 years if interest is 7% c.a. and the pension earns 4%c.m.
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