What beginning-of-month withdrawals can a $400,000 RRIF (Registered Retirement Income Fund) sustain for 20 years if the

Question:

What beginning-of-month withdrawals can a $400,000 RRIF (Registered Retirement Income Fund) sustain for 20 years if the investments within the RRIF earn:
a. 3% compounded monthly?
b. 4.5% compounded monthly?
c. 6% compounded monthly?
d. 7.5% compounded monthly? Also calculate the total earnings distributed over the life of the in each case.
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...