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Joseph Kirn has just inherited $1,005,528 which he would like to use as part of his retirement nest egg. He invested the funds at a 8.66 percent annual rate compounded annually. Joseph will reach age sixty in 7 years and will retire early. Now 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 60 until he reaches age 70, the year he must start withdrawing funds from his individual retirement account (IRA). Joseph assumes the funds will continue to earn at a 8.66 percent annual rate. In other words, Joseph would like to know the annual year-end payment from an eleven-year annuity (from age 60 to the year he will be 70), earning 8.66 percent annually.