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Rousan Contributed $1900

Question 168

Multiple Choice

Rousan contributed $1900.00 at the beginning of every month to an RRSP. Interest on the account is 4.95% compounded monthly. If she converted the balance after 13 years into an RRIF paying 7.1% compounded quarterly and makes equal quarterly withdrawals for 20 years starting three months after the conversion into the RRIF, what is the size of the quarterly withdrawal?


A) $9789.48
B) $8232.21
C) $11 463.51
D) 3831.66
E) 1071.47

Correct Answer:

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