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Sarah is 30 years old and will retire in 35 years and wishes to save up enough money so she can withdraw $20,000 per month for 20 years starting one more after she retires. Her RRSP account earns 9% interest compounded semi-annually when she retires she will convert her RRSP to an RRIF which will earn 7% interest per year compounded monthly. She plans on saving money every month between now and retirement. a. How much should she save each month?
Sagot :
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