Graham Bell has just retired after 30 years with the telephone company. His total pension funds have an accumulated value of $330,000, and his life expectancy is 15 more years. His pension fund manager assumes he can earn a 10 percent return on his assets.

What will be his yearly annuity for the next 15 years? (Use a Financial calculator to arrive at the answer. Round the final answer to the nearest dollar amount.)

Annuity $