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i need a well explained anser . Jim just turned age 65. He takes his...

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Finance

i need a well explained anser . Jim just turned age 65. He takes his RRSP savings of $300,000 and buys a 20-year annuity that pays him $R every month. If the interest rate is j12 = 7.2% and the first payment is at age 65, what is R?

Answer:$2347.96

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