Roger Baker has accumulated $600 , 000 in his RRSP and is going to purchase a 25 - year annuity from which he will receive month-end payments . The money used to purchase the annuity will earn 4 . 8% compounded monthly . If payments grow by 2 . 4% compounded monthly , what will be the initial payment ? Interim calculations should be to six decimal places ; final answer to the nearest cent