A man establishes an annuity for retirement by depositing $206,703.25 into an account that pays 7% compounded monthly. Equal monthly withdrawals will be made each month for 10 years, at which time the account will have a zero balance. Each year taxes must be paid on the interest earned by the account during that year. How much interest was earned during the first year? $ 19190.03 x /1 Points] DETAILS PREVIOUS ANSWERS 1/100 Submissions Used MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER A person establishes a sinking fund for retirement by contributing $13,000 per year at the end of each year for 8 years. For the next 13 years, equal yearly payments are withdrawn, at the end of which time the account will have a zero balance. If money is worth 4% compounded annually, what yearly payments will the person receive for the last 13 years? $ 2164.59 X