Rousan Contributed $1900

question 42

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

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Definitions:

Hydrolysis

A chemical process that splits molecules by adding water, commonly involved in breaking down polymers into monomers.

Monomers

Small, single molecules that can join with other similar molecules to form polymers through chemical reactions.

Complex Carbohydrates

Carbohydrates composed of sugar molecules linked together in long, complex chains, playing crucial roles in energy storage and structure.

Polysaccharide

A carbohydrate molecule composed of long chains of monosaccharide units bound together by glycosidic linkages.