1. ## Rrif

If the funds in the RRIF earn 8.25% compounded monthly, what maximum monthly amount can be withdrawn?
PV = 147,635.48, I want to withdraw at the beginning of every month for 15 yrs.

I figured it out that i can withdraw $11,251.67 at the beginning of each year for 15 yrs. Is this correct? thanks, 2. You're asked for MONTHLY, not annual... 3. Originally Posted by Wilmer You're asked for MONTHLY, not annual... I figured it out that i can withdraw$11,251.67 at the beginning of each month for 15 yrs.

Ooops...is this better? the PMT seems awefully large!

4. Originally Posted by petedam
I figured it out that i can withdraw \$11,251.67 at the beginning of each month for 15 yrs.
Ooops...is this better? the PMT seems awefully large!
11,251.67 * 180 months = 2,025,300.60; c'mon Pete, you should realise that's impossible...

11251.67 is the amount of interest earned on opening amount less one payment of 11251.67,
for one YEAR at 8.25% compounded annually (not monthly):
(147,635.48 - 11251.67) * .0825 = 11251.67

Soooooo: what the heck are you doing?!

At 8.25% compounded monthly with 1st payment right away, the MONTHLY payment is 1422.49

5. I knew it was wrong. Sorry i just had a brain freeze and couldn't see .....thanks!