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How much is the amount of interest included in withdrawals

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Reference no: EM133100500

Question - Mira has opened a registered retirement income fund (RRIF) with a starting balance of $250,000. Beginning 6 months later, she plans to make semi-annual withdrawals from the RRIF for 20 years. The withdrawals will increase at a constant rate of 1.75%. If the RRIF earns 8% compounded semi-annually, how much is the amount of interest included in the total withdrawals?

Reference no: EM133100500

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