Betty Bronson has just retired after 25 years with the electric company. Her total pension funds have an accumulated value of $260,000, and her life expectancy is 20 more years. Her pension fund manager assumes he can earn a 13 percent return on her assets.

What will be her yearly annuity for the next 20 years? Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Annuity

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