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Nick has $250,000 in his RRSP account at age 45. He wants to be able to receive an annual income of $30,000 a year at
Nick has $250,000 in his RRSP account at age 45. He wants to be able to receive an annual income of $30,000 a year at age 60. Assuming a life expectancy of 25 years and receives his income at the beginning of each year. What monthly amount will he need to deposit in his RRSP at the end of each month to reach that goal if the average annual return is 6% per annum?
a. $653.21
b. $668. 13
c. $671.39
d. $692.41
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