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How much money will he have at retirement

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Peter (Spidey) Parker wants to retire in 23 years and will start to make $800 deposits into his RRSP every month until retirement. After retirement, he will begin making $4,000 monthly withdrawals from his RRSP (payments to himself). If his RRSP is assumed to earn 6% compounded monthly always, for how many years will he receive those $4,000 monthly payments after retirement before the money runs out?

a) How much money will he have at retirement?

b) For how many years will those $4,000 payments last?

Reference no: EM133144870

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