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Dave deposits $1500 at the end of every 6 months into his RRSP. He intends to make the deposits for 14 years, then transfer the balance into a RRIF and make equal withdrawals at the beginning of every month for 20 years. If interest is 2.87% compounded quarterly, what will be the size of each withdrawal? N i/y p/y c/y PV PMT FV

Dave deposits $1500 at the end of every 6 months into his RRSP. He intends to make the deposits for 14 years, then transfer the balance into a RRIF and make equal withdrawals at the beginning of every month for 20 years. If interest is 2.87% compounded quarterly, what will be the size of each withdrawal? N i/y p/y c/y PV PMT FV

EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
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Dave deposits $1500 at the end of every 6 months into his RRSP. He intends to make the deposits for 14 years, then transfer the balance into a RRIF and make equal withdrawals at the beginning of every month for 20 years. If interest is 2.87% compounded quarterly, what will be the size of each withdrawal?

N

i/y

p/y

c/y

PV

PMT

FV

 

 

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