You're asked for MONTHLY, not annual...
If the funds in the RRIF earn 8.25% compounded monthly, what maximum monthly amount can be withdrawn?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?
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