Question
Michael wants to retire in 20 years with enough savings in his RRSP to be able to purchase a 30-year annuity that will pay him
Michael wants to retire in 20 years with enough savings in his RRSP to be able to purchase a 30-year annuity that will pay him $4200 at the end of every month. He has already accumulated $60,000 in his RRSP. In order to meet his goal, what RRSP contribution should Michael make at the end of each month for the next 20 years? Assume he earns 4% compounded quarterly on his RRSP, and 3.6% compounded monthly after retirement.
I need N ? I/Y ? C/Y ? P/Y? PV? PMT? FV? all these after retirnement..
and N ? I/Y? C/Y ? P/Y? P/V? PMT? FV ? All these before retirnement.
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