PLEASE WRITE DOWN ALL PROCESS OF CALCULATION ( DO NOT USE EXCEL), THE KEYS ARE SHOWN.

Bill wants to retire at the end of this year (2021). His life expectancy is 5 years from his retirement. Tom has come to you, his CPA, to learn how much he should deposit on December 31, 2021, to be able to withdraw $60,000 at the end of each year for the next 5 years, with the first withdrawal on December 31, 2022, assuming the amount on deposit will earn 4% interest annually.

$_________________267,109______________