Mr. Deneau accumulated $103,000 in an RRSP. He converted the RRSP into a RRIF,and started to withdraw $1300 at the end of every month from the fund. If interest is 4.6% compounded semi-annually, for how long can Mr. Deneau make withdrawals? State your answer in years and months (from 0 to 11 months).

Mr. Deneau accumulated $103,000 in an RRSP. He converted the RRSP into a RRIF,and started to withdraw $1300 at the end of every month from the fund. If interest is 4.6% compounded semi-annually, for how long can Mr. Deneau make withdrawals? State your answer in years and months (from 0 to 11 months).

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 15E

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