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Question
Kirk had accumulated $975 000 in his RRSP at the age of 55. He converted the RRSP into an RRIF at that time and started withdrawing $5000 at the beginning of each month. If interest is 4.5% compounded monthly, what is the size of his final withdrawal?
A) $1739.27 B) $1409.28 C) $4947.31 D) $412.07 E) $33.82
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