3. A man has $22,000 in a fund which earns interest at 4% effective. He plans to withdraw $1000 at the end of each year for the next 12 years and to exhaust the fund by a sequence of 8 equal annual withdrawals thereafter. Find the size of each of these 8 with drawals. Solution

3. A man has $22,000 in a fund which earns interest at 4% effective He plans to withdraw $1000 at the end of each year for the next 12 years and to exhaust the fund by a sequence of 8 equal annual withdrawals thereafter. Find the size of each of these 8 with. drawals