Now William knows that he will have $952,000 in his inheritance fund, when he will reach age sixty-five. He would like to know how much he could withdraw from the fund in equal installments at the end of each year from the year he reaches age 65 until he reaches age 70, the year he must start withdrawing funds from his individual retirement account (IRA). William assumes the funds will continue to earn at a 11.81 percent annual rate. In other words, William would like to know the annual year-end payment from a six-year annuity (from age 65 to the year he will be 70), earning 11.81 percent annually on a principal sum of $952,000.