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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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