Beth and Nelson want to accumulate a combined total of 600,000 in their RRSPs by the time Beth…

Beth and Nelson want to accumulate a combined total of Beth and Nelson want to accumulate a combined total of 600,000 in their RRSPs by the time Beth...-1600,000 in their RRSPs by the time Beth reaches age 60, which will be 30 years from now. They plan to make equal contributions at the end of every six months for the next 25 years, and then no further contributions for the subsequent five years of semiretirement. For planning purposes, assume that their RRSPs will earn 7% compounded semiannually for the next 30 years.

(a). What should be their combined semiannual RRSP contributions?

(b). What monthly amount can they expect to receive if they use the Beth and Nelson want to accumulate a combined total of 600,000 in their RRSPs by the time Beth...-1600,000 in their RRSPs 30 years from now to purchase a 25-year ordinary annuity? Assume that the funds used to purchase the annuity will earn 7.2% compounded monthly

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