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What rrsp contribution should michael make at the end

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Question - Michael wants to retire in 20 years with enough savings in his RRSP to be able to purchase a 30-year annuity that will pay him $4200 at the end of every month. He has already accumulated $60,000 in his RRSP. In order to meet his goal, what RRSP contribution should Michael make at the end of each month for the next 20 years? Assume he earns 4% compounded quarterly on his RRSP, and 3.6% compounded monthly after retirement.

Reference no: EM133175182

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