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You just turned aged 30 and plan to retire when you are 65. You have $50,649 in your RRSP and starting next month will continue to add money each month for exactly 35 years. When you retire at age 65, you will be receive a $45,000 retirement bonus from your employer and will immediately deposit it to your RRSP. You will then use the accumulated funds to buy an annuity that will pay you $4,000/month for 15 years with the first payment starting one month after your 65h birthday. Assume you earn jiz = 5% the entire time. (a) Draw the time diagram (b) How much must you deposit each month? B/E P/Y CIY NINY PV PMT FV B/E P/Y CIY NINY PV PMT FV (c) In total, how much interest will you earn over the entire 50 years? You just turned aged 30 and plan to retire when you are 65. You have $50,649 in your RRSP and starting next month will continue to add money each month for exactly 35 years. When you retire at age 65, you will be receive a $45,000 retirement bonus from your employer and will immediately deposit it to your RRSP. You will then use the accumulated funds to buy an annuity that will pay you $4,000/month for 15 years with the first payment starting one month after your 65h birthday. Assume you earn jiz = 5% the entire time. (a) Draw the time diagram (b) How much must you deposit each month? B/E P/Y CIY NINY PV PMT FV B/E P/Y CIY NINY PV PMT FV (c) In total, how much interest will you earn over the entire 50 years

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