On January 1, 2020, Ms. Sheila Salon transfers all of her RRSP balances into a RRIF. At this time, Ms. Salon is 67 years of age. On January 1, 2020, the fair market value of these assets is $1,450,000. The corresponding balance on January 1, 2021 is $1,350,000. What is the minimum withdrawal that Ms. Salon must make from the RRIF during 2020 and during 2021?
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