Carla Craig invested a retirement gratuity of $17 570.00 in an RRSP paying 6.5% compounded semi-annually for 11.5 years. At the end of 11.5 years, she rolled the RRSP balance over into an RRIF paying $1500.00 at the beginning of each month starting with the date of rollover. If interest on the RRIF is 9.5% compounded monthly, for how long will Carla receive monthly payments?

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The Answer of Carla Craig invested a retirement gratuity of $17 570.00 in an RRSP paying 6.5% compounded semi-annually for 11.5 years. At the end of 11.5 years, she rolled the RRSP balance over into an RRIF paying $1500.00 at the beginning of each month starting with the date of rollover. If interest on the RRIF is 9.5% compounded monthly, for how long will Carla receive monthly payments?

Carla Craig Invested a Retirement Gratuity of $17 570