By the time Rory retired at age 65, he had saved $373,618 in his RRSP. Each year during his retirement, he lived on the annual amount budgeted in his retirement plan withdrawn in equal amounts at the beginning of each month. He died on his 90th birthday, leaving nothing in his estate. He earned 8% compounded monthly in his RRSP and was in a 28% average tax bracket. What was the amount of Rory's monthly sustainable expenditures? 

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To determine the amount of Rorys monthly sustainable expenditures during his retirement we need to c... View the full answer