Karen has $96,000 in her savings account right now. Her savings account pays 12% per year in interest. She will need $55,000 as a down payment for a house 7 years from now, and can spend the rest. What is the maximum amount she can withdraw from her account every year so that she has sufficient funds for her down payment? Presume that she will withdraw funds in equal nominal amounts (so that her annual cash flow is constant) at the beginning of each year.

Please show work