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Income stream of nine equal annual withdrawals

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Reggie Redbird inherits $430,000, which he deposits into his Elk Grove Village State Bank account today. With this new nest egg in hand he decides to take an extended break from being ISU's beloved mascot and spend the next nine years flying the world and writing his memoirs. He will use the $430,000 and any interest earnings to provide an income stream of nine equal annual withdrawals. If 4.2% interest can be earned on any amount remaining in the account from year to year, how much money can Reggie withdraw if he takes the money at the beginning of each year?

Reference no: EM132008250

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