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Nikolay wants to make annual contributions to his RRSP for the next 2 5 years. He will increase each annual payment by 5 . 5

Nikolay wants to make annual contributions to his RRSP for the next 25 years. He will increase each annual payment by 5.5%, and the RRSP can earn 9.65% compounded annually. If he wants to accumulate $260,000, what is the amount of his first payment today?

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