math finance . HELP

rolfe set up an RRSP for a client whn the client was 30 years old . the client put $750 into the account every month until they retired at age 60 . the account averaged an annual rate of return of 7.6 % per year compounded annually . if the client then wanted to take a monthly disbursement from the account starting at age 60 for the next 25 years , what would the monthly disbursment be if the  RRSP investment retained the same terms and after 25 years woulf have a zero balance ?

1) This is the formula you would use to find the balance in his RRSP after 30 years, or when is 60.

FV=P{[1 + R]^N - 1/ R}=FV OF $1 PER PERIOD.

FV =750{[1 + 0.076/12]^(30*12) - 1 / (0.076/12)}

FV =$1,031,049.65 - this is what Rolfe will have in his RRSP in 30 years.

2) This is the formula you would use to calculate his monthly payments for 25 years.

PV=P{[1 + R]^N - 1*[1 + R]^-N}* R^-1=PV OF $1 PER PERIOD.

$1,031,049.65 = P*[1 + 0.76/12]^(25*12) -1 *[1 + 0.076/12]^-(25*12) * (0.076/12)], solve for P.

P =$7,686.56 - Rolfe's monthly payment for 300 months, or 25 years.

His last payment will be=$7,686.56 + $2.04 =$7,688.60 after which he will have zero balance.

Sorry, young lady!! I calculated your problem using 7.6% compounded monthly because the payments are monthly. However, it is very easy to convert 7.6% from copounded annually to compounded monthly. So, 7.6% annual compound = 7.35% monthly compound. So, based on this Rolfe's RRSP and his retirement payments will be as follows:

1) His RRSP balance after 30 years will be =$980,250.96

2) His monthly payments at retirement will be =$7,146.98

3) His last payment will be =$7,146.98 + 0.04 =$7,147.02, after which his balance will be zero.