Amy contributed $1011.00 at the end of every six months for 21.5 years into an RRSP earning interest at 6.65% compounded semi-annually. Seven years after the last contribution, Amy converted the RRSP into an RRIF that is to pay her equal quarterly amounts for 17.25 years. If the first payment is due three months after the conversion into the RRIF and interest on the RRIF is 7.66% compounded quarterly, how much will Amy receive every three months?

Answer rating: 100% (QA)

To determine how much Amy will receive every three months from the RRIF we can follow these steps Step 1 Calculate the total amount contributed to the ... View the full answer