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QUESTION
Sigrid contributed $200 every month for nine years into an RRSP earning 4.3% compounded annually. She then converted the RRSP into an annuity that...
Sigrid contributed $200 every month for nine years into an RRSP earning 4.3% compounded annually. She then converted the RRSP into an annuity that pays her monthly for 20 years. If the first payment is due one month after the conversion, and interest on the annuity is 5.4% compounded semi-annually, how much will Sigrid receive at the end of every month?
