What is the amount of his first payment today

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Reference no: EM132982369

Question: Nikolay wants to make annual contributions to his RRSP for the next 25 years. He will increase each annual payment by 4.5% and the RRSP can earn 9.3% compounded annually. If he wants to accumulate $250,000, what is the amount of his first payment today?

Reference no: EM132982369

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