Mr. Caldwell received a retirement gratuity of $48 700.00, which he deposited in an RRSP. He intends to leave the money for 6 years, then transfer the balance into an RRIF and make equal withdrawals at the end of every six months for 25 years. If interest is 8.5% compounded semi-annually, what will be the size of each withdrawal?

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The Answer of Mr. Caldwell received a retirement gratuity of $48 700.00, which he deposited in an RRSP. He intends to leave the money for 6 years, then transfer the balance into an RRIF and make equal withdrawals at the end of every six months for 25 years. If interest is 8.5% compounded semi-annually, what will be the size of each withdrawal?

Mr Caldwell Received a Retirement Gratuity of $48 700