What beginning of the month payments does michael need

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Michael advises his financial planner that he wants to retire in 30 years. The financial planner advises Michael that he should begin saving for his retirement immediately. After discussing Michael's retirement plans, his financial planner advises Michael that he will need to receive $4000 at the beginning of every month for 25 years after he retires. The financial planner opens an RRSP for Michael with an interest rate of 5.5% compounded monthly.

Question 1: What beginning of the month payments does Michael need to start making today into his RRSP so that he can receive the $4000 monthly payments for 25 years after he retires?

Reference no: EM132553553

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