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Mathematics, 16.03.2020 23:26 DotDotTaterTot
He will save $500 at the beginning of every month until retirement in an RRSP that has an interest rate of 5.4% compounded monthly.
e. For Morgan to be able to withdraw $2000 from the RRSP at the beginning of every month during his planned 20-year retirement period, what does the nominal interest rate, compounded monthly, need to change to, assuming the interest rate during the 25-year savings period remains unchanged at 5.4% compounded monthly?
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