Kirk Had Accumulated $975 000 in His RRSP at the Age

question 42

Multiple Choice

Kirk had accumulated $975 000 in his RRSP at the age of 55. He converted the RRSP into an RRIF at that time and started withdrawing $5000 at the beginning of each month. If interest is 4.5% compounded monthly, what is the size of his final withdrawal?

• A) $1739.27
• B) $1409.28
• C) $4947.31
• D) $412.07
• E) $33.82

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Definitions:

Court

A governmental institution authorized to resolve legal disputes and administer justice.

Negligence

A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances.

Comparative Negligence

A legal doctrine that apportions damages based on the degree of fault attributable to each party in a lawsuit.

Strict Liability

A principle that holds parties accountable for damages irrespective of preventive measures or caution exercised.