Your father turned 47 today, and he is planning to save $13,000 per year for his retirement (assume that he deposits this amount today and at the start of each year).

These savings should earn 8.25 per cent per annum. He plans to retire on the day he reaches his 65th birthday. He already has $175,000 in his retirement fund.

After his retirement, his savings can be assumed to earn 6.25 per cent per annum. Assuming he lives until his 85th birthday, how much will he be able to withdraw at the start of each year of his retirement?

Hint: Please present Length of savings, Length of retirement, Amount to be saved by the time of retirement, and Annual withdrawals in the template.