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Barry presently has 3 million dollars in an account paying a nominal rate of 8.8 percent convertible quarterly. He plans to start making quarterly withdrawals

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Barry presently has 3 million dollars in an account paying a nominal rate of 8.8 percent convertible quarterly. He plans to start making quarterly withdrawals from the account when he retires, the first coming in exactly 19 years. If he would like to be able to make 104 withdrawals (with the last emptying the account) and the withdrawals will increase by 1.3 percent from one to the next, how large is his first withdrawal? Answer = dollars

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