Suppose that Ackmans plan works and you have exactly $1 million available on the day you retire. In retirement, you will invest more conservatively and expect to have a lower annual rate of return of 3.0% (use this rate for the questions below).

7. How much will you be able to withdraw at the end of each year in retirement if you expect to make your last withdrawal at age 80 (i.e., 15 withdrawals in total)?