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Find how much can withdraw each month

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You just had your 40th birthday and plan to retire when you turn 65. You have $26,500 in your RRSP now and plan to deposit $1,000 each month for 25 years starting next month. When you retire at age 65, you will receive a $60,000 retirement bonus from your employer and will immediately deposit it into your RRSP. You will then use the accumulated funds to buy an annuity that pays you a fixed amount each month for 15 years with the first payment starting one month after your 65th birthday. You anticipate earning j12 = 6% the entire time.

Problem 1: How much can withdraw each month?

Reference no: EM132628864

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