Bill and Sam expect to work until they are 63. They each have $110 00 in their RRSPs and expect to be able to contribute $13 000 in total per year to their RRSPs in the next eleven (11) years. They think they will need $50 000 at the beginning of each year after tax in retirement. They are presently earning 6% real return on their RRSPs and anticipate this will drop to 5% real return when they retire. If they expect to live until age 90 what is the present value of their retirement income needs at age 637 round to the nearest dollar,
rounding up and do not use dollar signs
