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2. Imagine you have been named Bill Gates heir and have just received control of a $1 billion ($1,000,000,000) trust fund earning 8% compounded annually.

2. Imagine you have been named Bill Gates heir and have just received control of a $1 billion ($1,000,000,000) trust fund earning 8% compounded annually. Your plan for this trust fund is to make 50 equal annual withdrawals beginning today and to make a couple of other special extra withdrawals for some important purchases. Your first special planned withdrawal will be $400 million 5 years from today to buy the Chicago Cubs (I know: this is $399 million more than they are worth.). Your other special planned withdrawal will be $300 million to buy a very small South Pacific Island for your early retirement 30 years from today. How large can your equal annual withdrawal be over the next 50 years if you make these other two extra withdrawals as planned?

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