Question

Sally contributed $500 every six months for fourteen years into an RRSP earning interest at 7.5% compounded semi-annually. Seven years after the last contribution Sally converted the RRSP into an RRIF which is to pay her equal quarterly payments for sixteen years. If the first payment is due three months after the conversion into the RRIF and the interest on the RRIF is 9% compounded quarterly, how much will Sally receive every three months?

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