On January 1, 1822, Washington I. Winkle received an inheritance of $500. He deposited this sum into a bank account and then went to the nearby Chowdownings Tavern for a drink. The drink was dodgy and Winkle fell asleep for 200 years. When Winkle awoke in 2022, much money did he have in the account?

When Winkle awoke in 2022, he was still a young man. Suppose his life expectancy is about 60 more years. Suppose Winkle wishes to leave a bequest to his future family of $500 million on January 1, 2082.

How much can Winkle spend per year between 2022 and the bequest date, and still have enough money to leave the desired bequest?

Assume the expenditures occur on January 1st of each year. The first expenditure is on January 1, 2022, and the last is on January 1, 2081. Assume that the interest rate is 7% per year.