Answer showing work using a financial calculator To compensate for the effects of inflation during their retirement years, the Pelyks intend to purchase a combination of annuities that will provide the following pattern of month end income Calendar years, inclusive Income ($) 2025 to 2029 9,500 2030 to 2034 11,000 2035 to 2039 12,500 2040 to 2050 14,300 How much will they need in their RRSPs when they retire at the beginning of 2025 to purchase the annuities, if the annuity payments are based on a rate of return of 8 0 compounded semiannually (Do not round intermediate calculations and round your final answer to the nearest dollar ) The Pelyks will need$

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Question: Answer showing work using a financial calculator: To compensate for the effects of inflation during their retirement years, the Pelyks intend to purchase a combination

Answer showing work using a financial calculator:

To compensate for the effects of inflation during their retirement years, the Pelyks intend to purchase a combination of annuities that will provide the following pattern of month-end income:

Calendar years, inclusive	Income ($)
2025 to 2029	9,500
2030 to 2034	11,000
2035 to 2039	12,500
2040 to 2050	14,300

How much will they need in their RRSPs when they retire at the beginning of 2025 to purchase the annuities, if the annuity payments are based on a rate of return of 8.0% compounded semiannually? (Do not round intermediate calculations and round your final answer to the nearest dollar.)

The Pelyks will need$ ________

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