Your wealthy grandparents will put $100,000 into a bank while you are growing up. The money will grow at 5.1% interest for exactly n = 7 years. Then exactly one year later, (at n + 1) you start to withdraw the money in 6 annual equal withdrawals, depleting the account. How much can you withdraw to the nearest cent each year? Hint: Draw a time diagram. This is a compound problem where first you need to figure out how much the money grows to for the n years, and then you set up the problem to figure out the payments. Make yourself a time diagram to help.