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1. Jane makes regular (end of term) deposits into her RRSP (Registered Retirement Savings Plan) that will be converted into an RRIF (Registered Retirement Income Fund) 29 years from now. During retirement Jane would like to receive $5,000 at the end of every three months for 19 years. If interest is 3.01% compounded quarterly (for both the RRSP and RRIF). Answer the following questions, and round all answers to two decimal places where necessary.
Follow this chart:
1) How much money should Jane have in her RRIF to receive payments of $5,000 at the end of every three months?P/Y = C/Y = N = I/Y = %PV = $ PMT = $ FV = $2) What payment will Jane have to make at the end of every three months into her RRSP so that there is enough money in her RRIF at the start of her retirement?P/Y = C/Y = N = I/Y = %PV = $ PMT = $ FV = $2.Three years ago Nate began depositing $300 at the beginning of every six months into an account. The interest rate was 1.67% compounded semi-annually. Answer the following questions, and round all answers to two decimal places where necessary.Choose BGN or END?1) What is the present account balance?Follow this chart:P/Y = C/Y = N = I/Y = %PV = $ PMT = $ FV = $2) If he stops making deposits immediately, how much will be in the account in nine and a half years from now, if the interest rate remains the same (1.67% compounded semi-annually)?P/Y = C/Y = N = I/Y = %
PV = $ PMT = $ FV = $
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