Suppose you currently have no wealth or income, but will receive a $1,000,000 inheritance 15 years from today.

You would like to borrow against this future windfall such that you spend equal annual amounts of $X each year, starting today (att=0) and ending in 15 years (att=15).

If your bank charges you 5 percent annually to borrow money, what is the maximum amount, $X, that you can spend at each point in time?