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Author Question: Mrs. Martin contributes $1830.00 at the beginning of every three months to an RRSP. Interest on the ... (Read 143 times)

stephzh

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on: Jun 6, 2019

Question 1

Anne-Marie received $445 000.00 from her mother's estate. She wants to set aside part of her inheritance for her retirement 12 years from now. At that time she would like to receive a pension supplement of $2600.00 at the end of each month for 15 years. If the first payment is due one month after her retirement and interest is 3.6% compounded monthly, how much must Anne-Marie set aside?

Question 2

Mrs. Martin contributes $1830.00 at the beginning of every three months to an RRSP. Interest on the account is 7.44% compounded quarterly.
a) What will the balance in the account be after 6 years?
b) How much of the balance will be interest?
c) If Mrs. Martin converts the balance after 6 years into an RRIF paying 5.41% compounded quarterly and makes equal quarterly withdrawals for 11 years starting three months after the conversion into the RRIF, what is the size of the quarterly withdrawal?
d) What is the combined interest earned by the RRSP and the RRIF?
Contemporary Business Mathematics with Canadian Applications ¦ Hummelbrunner, Halliday, Coombs ¦ 11th Edition
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Marked as best answer by stephzh on Jun 6, 2019

kaykay69

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Reply #1 on: Jun 6, 2019
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stephzh

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Reply 2 on: Jun 6, 2019
Great answer, keep it coming :)

ryansturges

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Reply 3 on: Yesterday
:D TYSM

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