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Georgina is about to retire with $188,000 in her RRSP. She will make no further contributions to the ...

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Georgina is about to retire with $188,000 in her RRSP. She will make no further contributions to the ...

Georgina is about to retire with $188,000 in her RRSP. She will make no further contributions to the plan, but will allow it to accumulate earnings for another five years. Then she will purchase an annuity providing payments of $6000 at the end of each quarter. What will be the annuity's term if the RRSP earns 8% compounded annually and the funds invested in the annuity earn 7.5% compounded monthly? Round up the number of payments.

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Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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