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 | 8,800 |
2030 to 2034 | 10,300 |
2035 to 2039 | 11,800 |
2040 to 2050 | 13,800 |
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 7.3% compounded semiannually? (Do not round intermediate calculations and round your final answer to the nearest dollar.) |
|
The Pelyks will need | $ |
Rate of return at 7.3% compounded semi annually is equivalent to monthly rate of 0.599283% as follows:
Amount required at the beginning of 2025= $1,522,379.92
Calculation using PV function of Excel as follows:
To compensate for the effects of inflation during their retirement years, the Pelyks intend to purchase...
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