You have just won the lottery and will receive a lump sumpayment of $22.65 million after taxes. Instead of immediately spending your money, you plan to deposit all of the money into an account that will earn 4.9 percent. If you make equal annual withdrawals for the next 40 years, how much can you withdraw each year starting exactly one year from now?

Answer rating: 100% (QA)

To calculate the annual withdrawal amount we can use the form... View the full answer