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Nikolay wants to make annual contributions to his RRSP for the next 25 years. He will increase each annual payment by 4.5%, and the RRSP

  1. Nikolay wants to make annual contributions to his RRSP for the next 25 years. He will increase each annual payment by 4.5%, and the RRSP can earn 9.3% compounded annually. If he wants to accumulate $250,000, what is the amount of his first payment today?

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