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Lynde Has $1,150,290 in Her RRSP

Question 217

Multiple Choice

Lynde has $1,150,290 in her RRSP. At the end of each of the next 20 years she plans to withdraw $50,000 to upgrade her car and/or take a vacation trip. Also at the beginning of each month for 30 years she wants to withdraw a constant amount for her other living expenses. What is the most she can take each month if her investments earn 6% compounded monthly?


A) $1,539
B) $897
C) $5,293
D) $3,487
E) $1,624

Correct Answer:

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