When Anika retires in 20 years, he wants to receive $1,000.00 payments at the start of every month for 29 years from his RIF that earns 2.70% compounded semi-annually.

What beginning of quarter deposits does Anika have to make into his RRSP that earns 2.90% compounded quarterly for the 20 years until he retires?

PMT =

Round to the nearest cent   . Use python

Anika needs to make quarterly deposits of $2,239.02 into his RRSP to achieve his retirement goal.

Do you want details or have any questions?

Here are 5 numbered questions you can ask:

1. How is the present value calculated for the RIF payments?
2. Can you explain the difference between semi-annual and quarterly compounding?
3. What if the interest rates were different? How would that affect the calculation?
4. How can the calculation change if Anika decides to change the retirement duration?
5. Can you show the step-by-step formula used for calculating the quarterly deposits?

**Tip:** When planning for retirement, always consider inflation and how it may impact your future purchasing power.

Learn how to calculate quarterly deposits for retirement planning based on compound interest and annuity calculations. An example problem involves determining the required deposits to achieve specific retirement income goals. Suitable for advanced learners interested in financial planning and mathematics.

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