A wealthy parent is trying to fund a trust fund for his oldest son. The parent has set aside $476,700.00 today in an account that pays 6.00% annual interest. His oldest son will begin receiving the trust in 11.00 years, and the trust is set up to pay 20.00 identical annual payments. What will be the yearly withdrawal for the son from the trust?

Is this the correct setup, and if so, how do you solve for payment?

476700(1.06^11) = 904,918.92

904,918.92 = pmt/.06 x (1-1/1.06)^20 x 1.06