Dave deposits $1500 at the end of every 6 months into his RRSP. He intends to make the deposits for 14 years, then transfer the balance into a RRIF and make equal withdrawals at the beginning of every month for 20 years. If interest is 2.87% compounded quarterly, what will be the size of each withdrawal? N i/y p/y c/y PV PMT FV
Dave deposits $1500 at the end of every 6 months into his RRSP. He intends to make the deposits for 14 years, then transfer the balance into a RRIF and make equal withdrawals at the beginning of every month for 20 years. If interest is 2.87% compounded quarterly, what will be the size of each withdrawal? N i/y p/y c/y PV PMT FV
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Dave deposits $1500 at the end of every 6 months into his RRSP. He intends to make the deposits for 14 years, then transfer the balance into a RRIF and make equal withdrawals at the beginning of every month for 20 years. If interest is 2.87% compounded quarterly, what will be the size of each withdrawal?
N
i/y
p/y
c/y
PV
PMT
FV
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