$16$

Betty Bronson has just retired after $25$ years with the electric company. Her total pension funds have an accumulated value of $$180,000,$ and her life expectancy is $15$ more years. Her pension fund manager assumes he can earn a $9$ percent return

$5$ on her assets.

points

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What will be her yearly annuity for the next $15$ years? Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods.

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.

Annuity