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If the rrsp gets 650 compounded semi-annually and the

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Rocky currently has $85,000 in his RRSP. He is going to contribute $5000 at the end of every six months for the next 18.5 years and then use the funds to purchase an annuity for 15 years that will pay him at the end of each month. If the RRSP gets 6.50% compounded semi-annually and the annuity gets 4.0% compounded monthly, what size payment will he get?

Reference no: EM13584586

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