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majarm majarm
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6 years ago
Mr. Lavergne accumulated $320 000.00 in an RRSP. He converted the RRSP into an RRIF and started to withdraw $7500.00 at the end of every three months from the fund. If interest is 4.68% compounded monthly, how many withdrawals can Mr. Lavergne make?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
= 320 000, PMT = 7500, i = 0.0468 ÷ 12 = 0.0039, c =   = 3
p =   - 1 = 0.01174569
n =   =   =   = 59.56 (withdrawals)
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