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Posted: July 13th, 2022
Business & Finance Assignment | Custom Assignment Help
Question 4 (15 Marks) A Canadian investor is planning his retirement. Given the followinginformation please help him with his calculations. a. What wfll be the amount in an RRSP after 25 years, at which time hewill retire and live off the proceeds, if contributions of $3,000 aremade at each year—end for its first seven years and month—endcontributions of $500 are made for the subsequent 18 years? Assumethat the plan earns 8% APR compounded quarterly for the first 12years, and 7% APR compounded semi-annually for the subsequent 13years. b. Your investor would like to set up a Scholarship Fund in his name atthe Schulich School of Business with a $500 annual award to adeserving applicant. The first award will be made at the end of the15th year of his retirement. Subsequent awards will be made at theend of each year perpetually. Given the RRSP amount in part (a)above, how much can your investor expect to withdraw at the end ofeach month, starting the first month after his retirement, and still beable to set up the Scholarship Fund? (Assume the interest rate is 10%APR compounded monthly throughout his retirement and don’t worryabout taxes.)Get –
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