Suppose Peter retires at age 60 with $1,000,000 in pension. How much will he and his beneficiaries receive if he requests 3 equal periodic payments with the first one to be received at age 60 and the last one at age 80 such that his pension balance will be zero right after the last payment is received?

Age	60	70	80	90	100
Number of people living at the beginning of the age	1000	800	500	100	0