His total pension funds have an accumulated value

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Graham Bell has just retired after 30 years with the telephone company. His total pension funds have an accumulated value of $400,000, and his life expectancy is 16 more years. His pension fund manager assumes he can earn a 10 percent return on his assets.

What will be his yearly annuity for the next 16 years? (Use a Financial calculator to arrive at the answer. Round the final answer to the nearest dollar amount.)

Annuity $

Reference no: EM131072844

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