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You begin saving for your retirement by depositing $ 5 , 0 0 0 per year as ordinary annuity into a fund over the next

You begin saving for your retirement by depositing $5,000 per year as ordinary annuity into a fund over the next 40 years (40 payments in total). Assume you leave your funds in this mutual fund throughout your lifetime and it earns 12% per year. Once you retire you expect to live for an additional 30 years. In retirement you would like to receive an annual annuity due for each these 30 years.
What payment can you withdrawal every year for your 30 years of retirement? Assume your money is left in the mutual fund earning 12% per year after you retire. (6pts)
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