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Mr. Deneau accumulated $85,000 in an RRSP. He converted the RRSP into a RRIF and started to withdraw $900 at the end of every month
Mr. Deneau accumulated
$85,000
in an RRSP. He converted the RRSP into a RRIF and started to withdraw
$900
at the end of every
month
from the fund. If interest is
6.95%
compounded
quarterly,
for how long can Mr. Deneau make withdrawals? State your answer in years and months (from 0 to 11 months).
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