Betty Bronson has just retired after 25 years with the electric company. Her total pension funds have an accumulated value of $330,000, and her life expectancy is 15 more years. Her pension fund manager assumes he can earn a 10 percent return on her assets.
What will be her yearly annuity for the next 15 years? Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)