Short Answer
Elizabeth has been able to transfer a $25,000 retiring allowance into an RRSP. She plans to let the RRSP accumulate earnings at the rate of 7% compounded annually for 10 years and then purchase a 15-year annuity making payments at the end of each quarter. What size of payment can she expect if the funds in the annuity earn 5.2% compounded quarterly?
Correct Answer:
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Correct Answer:
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