Question
Mr. Sepaba accumulated $600 000.00 in an RRSP. He converted the RRSP into an RRIF and started to withdraw $3000.00 at the end of every
Mr. Sepaba accumulated $600 000.00 in an RRSP. He converted the RRSP into an RRIF and started to withdraw $3000.00 at the end of every month from the fund. If interest is 4.5% compounded yearly, for how long can Mr. Sepaba make withdrawals? Answer in years to two decimal places.
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Financial Management Principles and Application
Authors: Arthur J. Keown, J. William Petty, David F. Scott, Jr.
10th edition
536514119, 536514110, 978-0536514110
